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 an enacted federal budget for 2016 are all factoring into a very favorable outlook for the construction industry,” said AIA Chief Economist Kermit Baker, Ph.D., Hon. AIA. “And after several years of challenging economic circumstances the institutional project sector is finally on very solid footing.”
|Market Segment Consensus Growth Forecasts||2016||2017|
|Overall nonresidential building||8.3%||6.7%|
|Commercial / industrial||9.9%||7.5%|
|Amusement / recreation||11.2%||7.7%|