Construction economists optimistic about 2014 growth

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.

As a growing number of healthcare institutions become more customer-focused, post-occupancy evaluations (POE) are playing a bigger role in new construction and renovation projects. Advocate Health Care is among the healthcare organizations to institute a detailed post-occupancy assessment process for its projects.

| Aug 29, 2013

First look: K-State's Bill Snyder Family Stadium expansion

The West Side Stadium Expansion Project at Kansas State's Bill Snyder Family Stadium is the largest project in K-State Athletics history.

| Aug 29, 2013

McCownGordon Construction plans Kansas office

In response to business growth and client demand, McCownGordon Construction of Kansas City announced today it is opening an office in the State of Kansas located in Manhattan, Kan.

| Aug 27, 2013

Industrial Sector Report [2013 Giants 300 Report]

Building Design+Construction's rankings of the nation's largest industrial sector design and construction firms, as reported in the 2013 Giants 300 Report.

| Aug 26, 2013

What you missed last week: Architecture billings up again; record year for hotel renovations; nation's most expensive real estate markets

BD+C's roundup of the top construction market news for the week of August 18 includes the latest architecture billings index from AIA and a BOMA study on the nation's most and least expensive commercial real estate markets.

| Aug 26, 2013

Chicago Bears kick off season at renovated Halas Hall

An upgraded locker room, expanded weight room, and updated dining room with an outdoor patio greeted the Chicago Bears when they arrived at Halas Hall for practice this month. The improvements are part of a major expansion and renovation of the Bears’ headquarters in Lake Forest, Ill., completed by Mortenson Construction in less than seven months.