Continued Improvement in Construction Activity Expected in 2013-14
Construction activity in the commercial sector is expected to improve about 9 percent in 2013 followed by almost 11 percent in 2014.
The most recent forecasts, compiled by the American Institute of Architects (AIA) Consensus Construction Forecast Panel, show spending growth of 5 percent in 2013 accelerating to 7.2 percent in 2014.
Activity in the commercial subsector is expected to lead the upturn, with predicted improvement of about 9 percent in 2013 followed by almost 11 percent in 2014.
Spending for industrial buildings is predicted to grow at about the same rate as the average for the overall non-residential sector over 2013-2014, while activity is expected to expand more slowly for work on institutional buildings (with a significant share of these projects dependent upon funding from cash-strapped federal, state and municipal entities).
Click here to review the detail of AIA’s Consensus Construction Forecast Panel, including a list of the 7 individual forecast contributors.