Jan
30

AIA Projects Solid Increases in Construction Spending

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construction3The nonresidential building market was hamstrung by weather-related delays during the first part of the 2014, but conditions improved dramatically throughout the rest of the year to finish with greater than anticipated spending levels, according to The American Institute of Architects’ (AIA) semi-annual Consensus Construction Forecast.

The commercial construction sector is now looking at double-digit increases in 2015, led by vigorous levels of demand for hotels and office buildings.

The American Institute of Architects’ (AIA) semi-annual Consensus Construction Forecast, a survey of the nation’s leading construction forecasters, is projecting that spending will see a 7.7% increase in 2015, with next year’s projection nudging up to 8.2%.

“This is the first time since the Great Recession that every major building category is projected to see increases in spending,” said AIA Chief Economist, Kermit Baker, PhD, Hon. AIA. “But by far, the most significant driver that will fuel greater expansion in the marketplace is the revival in the institutional sector, especially with growing demand for new healthcare and education facilities, which alone traditionally account for a third of spending on new building construction.”

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