AIA Predicts Nonresidential Construction Spending Will Increase Through 2012
Even with the myriad of obstacles preventing a full-scale recovery for the overall U.S. economy, the design and construction industry appears to have reasons to be at least modestly optimistic in the coming months and into next year.
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 this year for nonresidential construction projects—up from a projected 2.1% increase in the January Consensus Forecast. The American Institute of Architects semi-annual Consensus Construction Forecast, a survey of the nation’s leading construction forecasters, also projects a 6.2% increase of spending in 2013.