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

| May 30, 2013

The Make It Right squabble: ‘How many trees did you plant today?’

A debate has been raging in the blogosphere over the last few months about an article in The New Republic, “If You Build It, They Might Not Come,” in which staff writer Lydia DePillis took Brad Pitt’s Make It Right Foundation to task for botching its effort to revitalize the Lower Ninth Ward of New Orleans.

| May 29, 2013

Realtors report positive trends in commercial real estate market

Realtors who practice commercial real estate have reported an increase in annual gross income for the third year in a row, signaling the market is on the road to recovery.

| May 28, 2013

LED lighting's risks and rewards

LED lighting technology provides unique advantages, but it’s also important to understand its limitations for optimized application.

| May 28, 2013

Minneapolis transit hub will double as cultural center [slideshow]

The Building Team for the Interchange project in downtown Minneapolis is employing the principles of "open transit" design to create a station that is one part transit, one part cultural icon.

| May 24, 2013

First look: Revised plan for Amazon's Seattle HQ and 'biodome'

NBBJ has released renderings of a revised plan for Amazon's new three-block headquarters in Seattle. The proposal would replace a previously approved six-story office building with a three-unit "biodome."

| May 22, 2013

Return of retail? Rent growth seen in recovering markets

Like digging a ditch with a spoon, retail demand driven by population growth has eaten away at the supply of available store space in the markets that have been slowest to recover from the downturn. Vacancy rates are reaching a point that will give at least some landlords in every market the clout to demand slightly higher rents.

| May 22, 2013

New ASTM standard enhances hollow structural sections

ASTM A1085 is a big step forward in simplifying HSS design and usage, thereby making it a more desirable option for HSS.

| May 22, 2013

Architecture billings take a step back in April, ending growth streak

For the first time in 10 months, the AIA's Architecture Billings Index slipped into negative territory, falling to 48.6 in April, down from 51.9 the previous month. This is the ABI's lowest mark since July 2012.

| May 21, 2013

Foster + Partners reveals plans for London residential towers

  British firm Foster + Partners has unveiled plans for two residential skyscrapers as part of a mixed-use development in north London.

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