Nonresidential Construction Spending Projected to Increase Through 2023

Construction spending on buildings is projected to increase just over 9% this year and another 6% in 2023, according to a report from the American Institute of Architects.

While the outlook for the broader economy has become more uncertain, the prospects for construction spending have improved since the beginning of the year. The outlook from the AIA Consensus Construction Forecast Panel, in its mid-year update, is more optimistic than what was projected at the beginning of the year, largely due to the extremely strong gains in the manufacturing category, as well as surprising strength in retail facilities. The industrial market is expected to pace the building construction upturn this year and next, while the institutional sector is forecast to begin its recovery this year and accelerate moving into 2023.

For more information, visit AIA’s website.