Reed Construction Data announced its December Expansion Index stood at 1.48, indicating overall construction in the United States is expected to grow over the next 12 months.
“The positive signs of growth are encouraging and align with other economic data,” said Bernard Markstein, U.S. Chief Economist, Reed Construction Data. “With an Expansion Index greater than 1 in 41 states plus the District of Columbia, the expected improvement in construction appears widespread across the country.” The top five states expected to see an expanding construction market: North Dakota, Rhode Island, Montana, Virginia, Utah.
The Expansion Index is a monthly measure of expectations for the construction marketplace over the upcoming 12-18 months, based on the value of projects in the planning pipeline. A reading greater than 1 indicates construction volume is expected to expand.
In addition to an overall measure of U.S. construction, Reed uses the Expansion Index to track expected construction volume for every state and more than 360 Metropolitan Statistical Areas.
According to Markstein, multiple factors are supporting the positive signal.
“Many pieces are falling into place for a moderately faster-growing economy,” stated Markstein. “Companies are experiencing rising demand. A federal budget deal was signed into law. Residential construction continues to improve. Europe is slowly working its way out of recession. These and other positives mean the Reed Expansion Index is likely to remain well above 1 for several months–an indication that construction activity will rise throughout the year.”
The Expansion Index is a ratio of the value of projects in the planning phase over the value of the projects estimated to be still under construction in a defined geography and/or building segment. The relationship says if more in the pipeline than underway, the volume will increase in the future if that ratio is greater than 1. The data covered includes non-residential and multifamily residential construction.
To view the Expansion Index, visit www.reedconstructiondata.com/market-intelligence/expansion-index.
| 20 Fastest-growing MSAs | |
|---|---|
| MSA | EI rating |
| Duluth, MN-WI Durham, NC El Centro, CA Evansville, IN-KY Flagstaff, AZ Flint, MI Grand Forks, ND-MN Greenville, NC Laredo, TX Logan, UT-ID Missoula, MT Muskegon-Norton Shores, MI Providence-New Bedford-Fall River, RI-MA Salem, OR Waterloo-Cedar Falls, IA Clarksville, TN-KY VA Beach-Norfolk-Newport News, VA-NC Columbia, MO Baton Rouge, LA Greensboro-High Point, NC |
>10 >10 >10 >10 >10 >10 >10 >10 >10 >10 >10 >10 >10 >10 >10 9.56 7.75 7.67 6.91 6.77 |
About Reed Construction Data
Reed Construction Data is a trusted source for detailed, accurate, and up-to-date information on private and public construction projects across the United States and Canada. Reed’s data collection teams leverage strong industry relationships, innovative technology, and third-party data sources to deliver timely and accurate information on projects, companies, and contacts and daily updates for all types of general and civil construction. For more information, visit www.reedconstructiondata.com.
Related Stories
Healthcare Facilities | Mar 13, 2023
Next-gen behavioral health facilities use design innovation as part of the treatment
An exponential increase in mental illness incidences triggers new behavioral health facilities whose design is part of the treatment.
Student Housing | Mar 13, 2023
University of Oklahoma, Missouri S&T add storm-safe spaces in student housing buildings for tornado protection
More universities are incorporating reinforced rooms in student housing designs to provide an extra layer of protection for students. Storm shelters have been included in recent KWK Architects-designed university projects in the Great Plains where there is a high incidence of tornadoes. Projects include Headington and Dunham Residential Colleges at the University of Oklahoma and the University Commons residential complex at Missouri S&T.
Mixed-Use | Mar 11, 2023
Austin mixed-use development will provide two million sf of office, retail, and residential space
In Austin, Texas, the seven-building East Riverside Gateway complex will provide a mixed-use community next to the city’s planned Blue Line light rail, which will connect the Austin Bergstrom International Airport with downtown Austin. Planned and designed by Steinberg Hart, the development will include over 2 million sf of office, retail, and residential space, as well as amenities, such as a large park, that are intended to draw tech workers and young families.
Performing Arts Centers | Mar 9, 2023
Two performing arts centers expand New York’s cultural cachet
A performing arts center under construction and the adaptive reuse for another center emphasize flexibility.
Architects | Mar 9, 2023
HLW achieves Just 2.0 label for equity and social justice
Global architecture, design, and planning firm HLW has achieved The International Living Future Institute’s (ILFI) Just 2.0 Label. The label was developed for organizations to evaluate themselves through a social justice and equity lens.
Architects | Mar 9, 2023
A. Eugene (Gene) Kohn, Co-Founder of Kohn Pedersen Fox, dies at 92
A. Eugene (Gene) Kohn, FAIA RIBA JIA, Co-founder of international architecture firm Kohn Pedersen Fox, died today of cancer. He was 92.
Affordable Housing | Mar 8, 2023
7 affordable housing developments built near historic districts, community ties
While some new multifamily developments strive for modernity, others choose to retain historic aesthetics.
Architects | Mar 8, 2023
Is Zoom zapping your zip? Here are two strategies to help creative teams do their best work
Collaborating virtually requires a person to filter out the periphery of their field of vision and focus on the glow of the screen. Zoom fatigue is a well-documented result of our over-reliance on one method of communication to work. We need time for focus work but working in isolation limits creative outcomes and innovations that come from in-person collaboration, write GBBN's Eric Puryear, AIA, and Mandy Woltjer.
Building Team | Mar 8, 2023
Call for Speakers: BD+C’s 2023 Women in Residential + Commercial Construction Conference
The 2023 Women in Residential + Commercial Construction conference event will take place October 25-27 in Nashville, Tenn., and will bring together more than 300 women leaders from all facets of the $1.4 trillion U.S. residential and commercial constructing sector.
Reconstruction & Renovation | Mar 8, 2023
Hoffmann Architects + Engineers receives Lucy G. Moses Preservation Award from New York Landmarks Conservancy
Hoffmann Architects + Engineers, a design firm specializing in the rehabilitation of building exteriors, announces that the historic facade rehabilitation and window replacement at the 69th Regiment Armory has been selected for the Lucy G. Moses Preservation Award, the New York Landmarks Conservancy’s prestigious recognition for outstanding preservation efforts.
