Commercial Construction Projected to Grow in 2015 & 2016
The American Institute of Architects’ semi-annual Consensus Construction Forecast projects that overall nonresidential building spending will see a nearly 9% increase in 2015 followed by an increase of 8.2% next year. The survey of the nation’s leading construction forecasters indicated that the greatest amount of activity was seen in the building of commercial properties, with strong increases reported in hotels and offices. “Buoyed mostly by the red-hot commercial sector, spending on nonresidential buildings should be close to $360B this year, approaching $390B in 2016," said Kermit Baker, chief economist for AIA But the demographic factors that are also fueling heavy demand for healthcare and education facilities are going to lead to a more balanced construction market in the foreseeable future." The commercial and industrial sector as a whole is projected to increase 12.3% for 2015 and 10.6% in 2016.