flexiblefullpage
billboard
interstitial1
catfish1
Currently Reading

Construction economists optimistic about 2014 growth

Construction economists optimistic about 2014 growth

ABC’s quarterly Construction Backlog Indicator (CBI) will be released Aug. 19.


By Associated Builders and Contractors | August 5, 2014
Associated Builders and Contractors (ABC) Chief Economist Anirban Basu, American Institute of Architects (AIA) Chief Economist Kermit Baker and National Association of Home Builders (NAHB) Chief Economist David Crowe provided a collaborative economic forecast combining their expert economic analysis on leading, present and lagging economic indicators.
 
"A combination of low interest rates; wealth effects stemming from a booming stock market and rising home prices; surging energy production; and expanding industrial output has helped position the U.S. economy for more rapid growth during the next several quarters," said ABC Chief Economist Anirban Basu. "This will lead to more robust recovery in the U.S. nonresidential construction industry, which has also been aided by stable materials prices and improving commercial real estate fundamentals. ABC predicts 7 percent nominal nonresidential construction growth in 2014, despite ongoing challenges in the public construction segment."
 
"We continue to have an optimistic outlook for the commercial and industrial sectors for the rest of this year and into 2015," said AIA Chief Economist Kermit Baker, PhD, Hon. AIA. "However, until we see state and local governments ramp up spending for new education, health care and public safety structures there likely won’t be a widespread acceleration in spending for the entire industry."
 
"Economic pick-up in the second quarter was coupled with a return in housing construction," said David Crowe, chief economist for NAHB. "We expect continued modest growth in housing construction as employment rises and more household formations take place. However, continued tight supplies of labor and land will put upward pressure on new home prices."
 
In addition to this forecast, AIA released its latest Architecture Billings Index (ABI) July 23, NAHB released its latest NAHB/Wells Fargo Housing Market Index (HMI) July 16 and ABC’s quarterly Construction Backlog Indicator (CBI) will be released Aug. 19.

Related Stories

| Dec 9, 2013

ULI: Real estate market in 2014 will be 'recovering from the recovery'

The U.S. commercial real estate market is gradually “recovering from the recovery” and will “gain momentum” in 2014, according to ULI CEO Patrick L. Phillips. 

| Dec 9, 2013

What is life cycle cost optioneering?

Life cycle cost optioneering is a way of assessing alternative design options, analyzing their long-term capital and operational costs to identify those with the lowest price tag, over the entire life cycle. 

| Dec 6, 2013

French concert hall includes integrated musical elements [VIDEO]

La Métaphone, a concert hall in Ognies, France, is a 1,980-sm facility with the unique characteristic of being a structural musical instrument. The solar-powered building incorporates musical elements in its walls, which can be played by musicians inside or outside the facility.

| Dec 5, 2013

Exclusive BD+C survey shows reaction to Sandy Hook tragedy

More than 60% of AEC professionals surveyed by BD+C said their firms experienced heightened interest in security measures from school districts they worked with. 

| Dec 4, 2013

First look: Dubai's winning bid for World Expo 2020 [slideshow]

Dubai has been chosen as the site of the 2020 World Expo. HOK led the design team that developed the master plan for the Expo, which is expected to draw more than 25 million visitors from October 2020 through April 2021.

| Dec 3, 2013

‘BIM for all’ platform pays off for contractor

Construction giant JE Dunn is saving millions in cost avoidances by implementing a custom, cloud-based BIM/VDC collaboration platform.

| Dec 3, 2013

Historic Daytona International Speedway undergoing $400 million facelift

The Daytona International Speedway is zooming ahead on the largest renovation in the Florida venue’s 54-year history. Improvements include five redesigned guest entrances, an extended grandstand with 101,000 new seats, and more than 60 new trackside suites for corporate entertaining.

| Dec 3, 2013

Creating a healthcare capital project plan: The truth behind the numbers

When setting up a capital project plan, it's one thing to have the data, but quite another to have the knowledge of the process. 

| Dec 3, 2013

Architects urge government to reform design-build contracting process

Current federal contracting laws are discouraging talented architects from competing for federal contracts, depriving government and, by inference, taxpayers of the best design expertise available, according to AIA testimony presented today on Capitol Hill.

| Dec 3, 2013

Construction spending hits four-year peak after rare spike in public outlays

An unusual surge in public construction in October pushed total construction spending to its highest level since May 2009 despite a dip in both private residential and nonresidential activity.

boombox1
boombox2
native1

More In Category

Great Solutions

41 Great Solutions for architects, engineers, and contractors

AI ChatBots, ambient computing, floating MRIs, low-carbon cement, sunshine on demand, next-generation top-down construction. These and 35 other innovations make up our 2024 Great Solutions Report, which highlights fresh ideas and innovations from leading architecture, engineering, and construction firms.




halfpage1

Most Popular Content

  1. 2021 Giants 400 Report
  2. Top 150 Architecture Firms for 2019
  3. 13 projects that represent the future of affordable housing
  4. Sagrada Familia completion date pushed back due to coronavirus
  5. Top 160 Architecture Firms 2021