Growing at a faster rate than the overall U.S. economy, the nonresidential construction industry is expected to see solid, yet measured, increases in activity this year, according to a semi-annual "Consensus Construction Forecast" just released by the Washington, D.C.-based American Institute of Architects. The report outlines a survey of the nation's leading construction forecasters, and also projects a 7.2% overall increase in spending in 2014.
Religious spending in the institutional sector is predicted to increase by 2.6% this year, with a 4.9% gain anticipated for 2014.
"After seeing construction activity seesaw for much of last year, there is a much stronger sense that we have entered a recovery phase and the industry is positioned to see continued economic improvement as we move through [the] year and into 2014," says AIA Chief Economist Kermit Baker, PhD, Hon. AIA. "The resurgent housing market has led to a ripple effect across the country."
About the AIA Consensus Construction Forecast Panel
The AIA Consensus Construction Forecast Panel is conducted twice a year with the leading nonresidential construction forecasters in the United States including, McGraw Hill Construction, Wells Fargo Securities, IHS-Global Insight, Moody's economy.com, Reed Business Information, Associated Builders & Contractors and FMI. The purpose of the Consensus Construction Forecast Panel is to project business conditions in the construction industry over the coming 12-18 months. The Consensus Construction Forecast Panel has been conducted for 14 years.
Learn more and view the full report at www.aia.org.