The AIA Consensus Construction Forecast projects annual growth in the 3.5 percent to 4.0 percent range for the remainder of 2017 as well as for 2018, with a slower growing commercial/industrial market, and an institutional sector facing several challenges. While some slowdown in the commercial sector was anticipated for 2017 and 2018, it was expected to be offset by acceleration in the institutional sector. However, year-to date growth in spending for institutional buildings is at only 3%, well below expectations when the year began.
“Despite billings at architecture firms performing quite well this year, the larger construction industry is facing a range of issues,” says AIA Chief Economist, Kermit Baker, PhD, Hon. AIA. “The somewhat weaker outlook is driven by several factors, some dealing with the broader U.S. economy, some dealing with general construction industry fundamentals, and some dealing with weakness in specific construction sectors.”
Learn more about the AIA Consensus Construction Forecast.
Related Stories
Market Data | Sep 21, 2020
6 must reads for the AEC industry today: September 21, 2020
Four projects receive 202 AIA/ALA Library Building Award and Port San Antonio's new Innovation Center.
Market Data | Sep 18, 2020
Follow up survey of U.S. code officials demonstrates importance of continued investment in virtual capabilities
Existing needs highlight why supporting building and fire prevention departments at the federal, state, and local levels is critical.
Market Data | Sep 18, 2020
6 must reads for the AEC industry today: September 18, 2020
Sagrada Familia completion date pushed back and energy code appeals could hamper efficiency progress.
Market Data | Sep 17, 2020
6 must reads for the AEC industry today: September 17, 2020
Foster + Partners-designed hospital begins construction in Cairo and heat pumps are the future for hot water.
Market Data | Sep 16, 2020
6 must reads for the AEC industry today: September 16, 2020
REI sells unused HQ building and Adjaye Associates will design The Africa Institute.
Market Data | Sep 15, 2020
7 must reads for the AEC industry today: September 15, 2020
Energy efficiency considerations for operating buildings during a pandemic and is there really a glass box paradox?
Market Data | Sep 14, 2020
6 must reads for the AEC industry today: September 14, 2020
63% of New York's restaurants could be gone by 2021 and new weapons in the apartment amenities arms race.
Market Data | Sep 11, 2020
5 must reads for the AEC industry today: September 11, 2020
Des Moines University begins construction on new campus and the role of urgent care in easing the oncology journey.
Market Data | Sep 10, 2020
6 must reads for the AEC industry today: September 10, 2020
Taipei's new Performance Hall and Burger King's touchless restaurant designs.
Market Data | Sep 9, 2020
6 must reads for the AEC industry today: September 9, 2020
What will the 'new normal' look like and the AIA hands out its Twenty-five Year Award.