Washington, D.C. — 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 semi-annual Consensus Construction Forecast, a survey of the nation's leading construction forecasters, also projects a 7.2% increase of spending in 2014.
Filed under: Economic News, News“After seeing construction activity seesaw for much of last year, there is a much stronger sense that we have entered a recovery phase and the industry is positioned to see continued economic improvement as we move through the year and into 2014,” said AIA Chief Economist, Kermit Baker, PhD, Hon. AIA. “The resurgent housing market has led to a ripple effect where there is a need for more retail establishments and office buildings across the country.”
| Market Segment Consensus Growth Forecasts | 2013 | 2014 |
| Overall nonresidentail | 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% |
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