Nonresidential Building Spending to Grow through 2019, Cautious Outlook for 2020

  • Posted on

WASHINGTON, D.C. – Nonresidential construction spending on buildings is projected to grow by 4.4 percent through 2019, according to a new consensus forecast from The American Institute of Architects. Healthy gains in the industrial and institutional building sectors have bolstered growth projections for 2019; however, the AIA Consensus Construction Forecast Panel—consisting of leading economic forecasters—is suggesting that a broader economic downturn may be materializing over the next 12-24 months. Learn more about this Consensus Construction Forecast online. “Though the economy has been performing very well recently, trends in business confidence scores are red flags that suggest a slowdown is likely … Read more

Filed under: Economic NewsTagged with: , ,

AIA Releases 13 New, Updated Contract Documents

  • Posted on

WASHINGTON, D.C. – The American Institute of Architects is releasing 13 new and updated contract documents that will assist architects and contractors with protecting their projects and businesses. AIA Contract Documents regularly works with architects, contractors, subcontractors and owners to ensure AIA contracts and forms meet industry needs. One of the most notable changes among this set of updated contracts includes the new Contractor-Subcontractor Master Agreement and its accompanying work order. The new agreement allows a contractor and subcontractor to agree to a predefined set of terms and conditions that will apply to multiple scopes of work. Another significant update … Read more

Filed under: NewsTagged with: ,

Projections Reveal Nonresidential Construction Spending to Grow

  • Posted on

Spending on nonresidential buildings nationally increased only modestly last year, barely outpacing inflation in building costs. Halfway through the seventh year of continuous growth for the cyclical construction industry, 2018 might have looked to be the year that the industry would enter another recession. However, when polled at the beginning of this year, the AIA Consensus Construction Forecast Panel—consisting of leading economic forecasters— instead saw acceleration in activity, projecting 4 percent growth in 2018 and a nearly equal 3.9 percent in 2019. “At the halfway point of the year, this panel is even more optimistic,” said AIA Chief Economist Kermit … Read more

Filed under: Economic NewsTagged with: , , , ,

Billings Strong at Firms in West, Midwest Regions

  • Posted on

WASHINGTON, D.C. – The American Institute of Architects is reporting an increase in architecture firm billings for February from its Architecture Billings Index, with several key segments showing an encouraging outlook for 2018. “We remain optimistic about the trends we’re seeing at architecture firms this year with the ABI continuing to show growth in February,” said AIA Chief Economist Kermit Baker, Hon. AIA, Ph.D. “We saw several major bright spots reflected in February’s data, as billings remained particularly strong at firms located in the West and Midwest.” While the pace of growth in design activity slowed a bit in February … Read more

Filed under: Economic NewsTagged with: , , ,

Architecture Billings Continue Growth into 2018

  • Posted on

WASHINGTON, D.C. – The new year started on a strong note for architecture firms, as the Architecture Billings Index saw its highest January score since 2007. The American Institute of Architects reported the January ABI score was 54.7, up from a score of 52.8 in the previous month. This score reflects an increase in design services provided by U.S. architecture firms (any score above 50 indicates an increase in billings). The new projects inquiry index was 61.1, down from a reading of 62.0 the previous month, while the new design contracts index increased slightly from 53.4 to 53.9. “Healthy conditions … Read more

Filed under: Economic NewsTagged with: ,