The American Institute of Architect’s Consensus Construction Forecast panel has optimistic projections for nonresidential building spending in late 2023 and beyond, and the news is generally positive — with a caveat. The panel — comprised of leading economic forecasters — is projecting that spending on buildings will increase by 20% this year, a torrid pace not seen since the construction boom years leading up to the Great Recession. Read More …

While spending on nonresidential construction picked up momentum toward the end of 2022, construction spending will moderate in 2023 and slow significantly in 2024, according to a new report from the American Institute of Architects. The institutional categories saw modest spending growth last year, with healthcare and amusement/recreation being the only major sectors with increases of 5% or more. Read More …