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Stronger Growth for Construction Spending Projected for 2013

Increases expected throughout the remainder of 2012, as well as church construction gains predicted for 2013

Even with a myriad of obstacles preventing full-scale recovery for the overall U.S. economy, the design and construction industry appears to have reasons to be modestly optimistic in the coming months and into next year. According to an early August report from the Washington, D.C.-based American Institute of Architects (AIA), a sharp spike in demand for industrial facilities so far this year—along with sustained demand for hotels and retail projects—factors into what projects to be a 4.4% rise in spending for nonresidential construction projects, up from a projection of a 2.1% increase in the January “Consensus” forecast. The AIA’s semi-annual Consensus Construction Forecast is a survey of the nation’s leading construction forecasters, and it also projects a 6.2% increase of spending in 2013.

In addition, the Consensus Construction Forecast predicts growth in “religious” building within the institutional sector, foretelling an increase from -5.00% in 2012 to 3.0% in 2013.

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