While spending on nonresidential construction picked up momentum toward the end of 2022, construction spending will moderate in 2023 and slow significantly in 2024, according to a new report from the American Institute of Architects.
Despite macroeconomic headwinds such as inflation, rising interest rates and weak consumer sentiment scores, the AIA’s Consensus Construction Forecast panel is projecting nonresidential construction spending to grow 5.8% in 2023 but slow to under 1% in 2024.
Similar to 2022, growth in construction spending in 2023 will be uneven with a projected 2.6% increase in the commercial sector, 15.1% for industrial facilities and 4.1% for institutional buildings. In 2024 spending on commercial buildings is forecast to decline 1.4%, while industrial projects gain a modest .4% and a 3.8% increase for institutional facilities.
Join our thriving community of 70,000+ superintendents and trade professionals on LinkedIn!
Search our job board for your next opportunity, or post an opening within your company.
Subscribe to our monthly
Construction Superintendent eNewsletter and stay current. 
