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

Contractors | May 26, 2023

Enhanced use of data is crucial for improving construction job site safety

Executives with major construction companies say new digital tools are allowing them to use data more effectively to reduce serious safety incidents and improve job site safety.

Contractors | May 24, 2023

The average U.S. contractor has 8.9 months worth of construction work in the pipeline, as of April 2023

Contractor backlogs climbed slightly in April, from a seven-month low the previous month, according to Associated Builders and Contractors.

Mass Timber | May 23, 2023

Luxury farm resort uses CLT framing and geothermal system to boost sustainability

Construction was recently completed on a 325-acre luxury farm resort in Franklin, Tenn., that is dedicated to agricultural innovation and sustainable, productive land use. With sustainability a key goal, The Inn and Spa at Southall was built with cross-laminated and heavy timber, and a geothermal variant refrigerant flow (VRF) heating and cooling system.

Architects | May 23, 2023

DEI initiatives at KAI Enterprises, with Michael Kennedy, Jr. and Gyasi Haynes

Michael Kennedy, Jr. and Gyasi Haynes of KAI Enterprises, St. Louis, describe their firm's effort to create a culture of diversity, equity, and inclusion—and how their own experiences as black men in the design and construction industry shaped that initiative.

Multifamily Housing | May 23, 2023

One out of three office buildings in largest U.S. cities are suitable for residential conversion

Roughly one in three office buildings in the largest U.S. cities are well suited to be converted to multifamily residential properties, according to a study by global real estate firm Avison Young. Some 6,206 buildings across 10 U.S. cities present viable opportunities for conversion to residential use.

K-12 Schools | May 22, 2023

The revival of single-building K-12 schools

Schools that combine grades PK through 12 are suddenly not so uncommon. Education sector experts explain why. 

Healthcare Facilities | May 19, 2023

A new behavioral health facility in California targets net zero energy

Shortly before Mental Health Awareness Month in May, development and construction firm Skanska announced the topping out of California’s first behavioral health facility—and the largest in the nation—to target net zero energy. Located in Redwood City, San Mateo County, Calif., the 77,610-sf Cordilleras Health System Replacement Project is slated for completion in late 2024.

Government Buildings | May 18, 2023

GSA launches first biennial construction award program

Today, the U.S. General Services Administration (GSA) announced the new biennial GSA Construction Award program, which is seeking submissions this summer. The program was created to honor outstanding achievements in construction, with a focus on quality and craftsmanship, collaboration and team dynamics, sustainability, innovation, and technology. The first Construction Awards ceremony will take place in 2024. 

Affordable Housing | May 17, 2023

Affordable housing advocates push for community-owned homes over investment properties

Panelists participating in a recent webinar hosted by the Urban Institute discussed various actions that could help alleviate the nation’s affordable housing crisis. Among the possible remedies: inclusionary zoning policies, various reforms to increase local affordable housing stock, and fees on new development to offset the impact on public infrastructure.

University Buildings | May 17, 2023

New UC Irvine health sciences building supports aim to become national model for integrative health

The new College of Health Sciences Building and Nursing & Health Sciences Hall at the University of California Irvine supports the institution’s goal of becoming a national model for integrative health. The new 211,660-sf facility houses nursing, medical doctorate, pharmacy, philosophy, and public health programs in a single building.

boombox1
boombox2
native1

More In Category



Curtain Wall

7 steps to investigating curtain wall leaks

It is common for significant curtain wall leakage to involve multiple variables. Therefore, a comprehensive multi-faceted investigation is required to determine the origin of leakage, according to building enclosure consultants Richard Aeck and John A. Rudisill with Rimkus. 


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