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    Home»eNewsletter»AIA Releases Construction Forecast: Healthcare Construction to See Modest Gains through 2025
    February 14, 2024

    AIA Releases Construction Forecast: Healthcare Construction to See Modest Gains through 2025

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    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. Forecast panelists, a group comprised of the leading construction forecasters from across the country, found there are many factors fueling the projected slowdown:

    • Tighter credit conditions continue to put pressure on many regional banks that account for a sizeable share of construction lending
    • Higher construction input costs due to inflation in materials costs and labor in recent years
    • Declines in commercial property values as weak demand continues in many sectors
    AIA Construction Forecast

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