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. High demand for hotels and retail projects have the commercial sector pacing what projects to be a rise in spending this year for nonresidential construction projects of 5.0% – up from a projection of a 4.4% increase in the July 2012 forecast. The American Institute of Architects (AIA) semi-annual Consensus Construction Forecast , a survey of the nation’s leading construction forecasters, also projects a 7.2%% increase of spending in 2014.
|
Market Segment Consensus Growth Forecasts |
2013 |
2014 |
|
Overall nonresidential |
5.0% |
7.2% |
|
Commercial / industrial |
8.6% |
10.7% |
|
Hotels |
15.7% |
12.6% |
|
Retail |
7.8% |
9.6% |
|
Office buildings |
7.3% |
11.4% |
|
Industrial facilities |
5.0% |
6.4% |
|
Institutional |
1.2% |
4.7% |
|
Healthcare facilities |
4.4% |
4.8% |
|
Religious |
2.6% |
4.9% |
|
Education |
1.1% |
4.5% |
|
Amusement / recreation |
1.8% |
5.5% |
|
Public safety |
-1.7% |
0.8% |
