AIA forecast predicts strong 2015, ‘16
January 28, 2015
Despite weather-related problems at the beginning of 2014, construction spending rose dramatically for the rest of the year, and looks to continue that trend this year and next, according to the Consensus Construction Forecast.
AIA conducts the forecast twice a year with a panel of the country’s leading nonresidential construction forecasters, asking them to project business conditions in the construction industry for the next year to year and a half.
“This is the first time since the Great Recession that every major building category is projected to see increases in spending,” said AIA Chief Economist Kermit Baker. “But by far, the most significant driver that will fuel greater expansion in the marketplace is the revival in the institutional sector, especially with growing demand for new healthcare and education facilities, which alone traditionally account for a third of spending on new building construction.”
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