Spending on nonresidential buildings will see a modest 4% increase in 2024, after increasing by more than 20% last year according to The American Institute of Architects’ latest Consensus Construction Forecast. The pace will slow to just over 1% growth in 2025, a marked difference from the strong performance in 2023. Although construction spending in the nonresidential building sector is projected to be at a slower pace through 2025, healthcare construction spending is projected to see gains. Although modest, the sector is expected to increase 3.6% in 2024 and 3.5% in 2025. Complete details can be found at aia.org. The … Read more

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 … Read more

WASHINGTON, D.C. – Construction spending greatly exceeded expectations in the nonresidential market in 2015, and this year should see healthy growth levels as well. There continues to be significant demand for hotels, office space, manufacturing facilities and amusement and recreation spaces. The American Institute of Architects’ semi-annual Consensus Construction Forecast, a survey of the nation’s leading construction forecasters, is projecting that spending will increase just more than eight percent in 2016, with next year’s projection being an additional 6.7 percent gain. “While rising interest rates could pose a challenge to the U.S. economy, lower energy prices, improved employment figures and … Read more