The American Institute of Architects has recently released its mid-year update to its Consensus Construction Forecast. The AIA Consensus Construction Forecast Panel — consisting of leading economic forecasters — projects spending on nonresidential facilities will decline just over 8% this year, and another 5% in 2021.
However, healthcare construction is one of the few sectors expected to avoid a recession this cycle. Even though elective health treatments have fallen off in recent months, demographics remain very positive for healthcare spending moving forward.
One wild card is the long-term trend toward telemedicine, and whether that will continue to be a popular alternative to in-person care. Healthcare spending is projected to increase over 2% this year and another 3% next year.
Complete details on the latest Consensus Construction Forecast can be found on AIA’s website.