Construction Projections Scaled Back
July 23, 2013
Less activity than expected in nonresidential construction during the first part of 2013 — in particular, institutional projects — has caused the participants in the American Institute of Architects’ semi-annual Consensus Construction Forecast to reduce their projections of construction spending for the rest of the year — although they have raised their projection for next year’s spending, to an increase of 7.6%.
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.
“A disappointing recovery of the U.S. economy is limiting need for new nonresidential building activity,” said AIA Chief Economist Kermit Baker. “Optimism for a stronger performance next year is based on the recent increase in domestic energy production, the boost to the general economy from a resurgent housing market, and improving employment figures that should help drive demand in the design and construction sectors.”
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