According to the latest AIA Consensus Construction Forecast, activity will be relatively flat for the remainder of this year and next in the commercial markets. For industrial facilities, however, project activity is expected to produce healthy double-digit spending growth this year, but then stabilize for 2025.
Most of the institutional sectors offer more potential in terms of growth in the near term according to the AIA Consensus Forecast panelists. The sector is projected to increase almost 11% this year, and then record another 4% increase next year.
Healthcare construction, a significant institutional sector, has seen growth throughout the pandemic, and is poised for a 7% gain this year, and an additional 4% next. Amusement and recreation, a sector that understandably saw little activity during the pandemic, is poised for a double-digit percentage rebound this year, and an additional 4% increase in 2025. Read the full details at aia.org.
