Spending on construction and design will increase by 5.8% in 2014 and by 8% in 2015, 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.
“Since the overall economy is stabilizing, there should be a significant improvement in the outlook for the construction industry that has been recovering at a slow and steady pace the last two years,” said AIA Chief Economist Kermit Baker. “At a more granular level, the surging housing market, growing commercial property values, and declining office and retail vacancies are all contributing to what is expected to amount to a much greater spending on nonresidential building projects.”
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