The overall economy continues to improve, with all major economic indicators signaling a trajectory of continuing growth. GDP ended 2014 very strongly, with forecasts calling for 3% growth in 2015. Business confidence reached a level of 61, signaling average belief in expansionary business conditions. Economic conditions are supporting growth in demand for construction activity, particularly […]
Growth in construction spending in 2013 continued to outpace the U.S. economy. Estimated total put-in-place construction spending—actual numbers, not seasonally adjusted—grew at a healthy 4.8% in 2013, increasing to about $900 billion. This rate was slower than the previous year’s increase of 9.2%, however. The residential market saw the biggest gains, as a robust market […]
Despite a national recovery from the recession in 2009, construction activity in the United States continued to spiral downward in following years. Total construction spending declined to under $800 billion in 2011 from its peak of more than $1 trillion in 2008. In 2012, the market turned a corner and achieved a level of growth […]
Although the national economic recovery is now two and a half years old, construction spending has continued to contract. A multitude of factors prevented a recovery for this beleaguered industry in 2011. Lenders that have been extremely reticent to finance construction projects, budget shortfalls at all levels of government, the ripple effect of overbuilding, depletion […]
While activity for institutional projects should hover near 2010 levels, there is likely to be a modest decline in commercial construction in 2011, according to the AIA Consensus Construction Forecast Panel. Overall nonresidential construction spending is expected to decrease by 2% for the year. The Panel believes 2012 will produce stronger gains, however, with overall building construction rising about 5%, with growth twice the rate of the more cyclical commercial sector. This construction outlook reviews the year’s top line construction numbers, shows where leading construction and electrical industry indicators are trending, and provides a summary of the latest AIA Consensus Construction Forecast for 2011.
This construction outlook reviews the year’s topline construction numbers, examines the directions that leading construction and electrical industry indicators are pointing, and provides a summary of the latest AIA Consensus Construction Forecast for 2010.