The American Institute of Architects’ (AIA) semi-annual Consensus Construction Forecast indicates a growth of 8% in construction spending in 2016.
Even better, 2017 could be nearly as strong. AIA is predicting a 6.7% increase next year, as demand for offices, hotels, industrial centers, and amusement and recreational facilities remains high.
“While rising interest rates could pose a challenge to the U.S. economy, lower energy prices, improved employment figures, and an enacted federal budget for 2016 are all factoring into a very favorable outlook for the construction industry,” AIA Chief Economist, Kermit Baker, PhD, Hon. AIA, said in a statement. “And after several years of challenging economic circumstances the institutional project sector is finally on very solid footing.”
Going even further than 2017, AIA found some of the top nonresidential design trends for the next 10 years. Technologies like BIM software, motion-sensing lighting, new glass and glazing products, and solar and wind generation are all expected to become more sophisticated over time.
Related Stories
Market Data | Sep 16, 2020
6 must reads for the AEC industry today: September 16, 2020
REI sells unused HQ building and Adjaye Associates will design The Africa Institute.
Market Data | Sep 15, 2020
7 must reads for the AEC industry today: September 15, 2020
Energy efficiency considerations for operating buildings during a pandemic and is there really a glass box paradox?
Market Data | Sep 14, 2020
6 must reads for the AEC industry today: September 14, 2020
63% of New York's restaurants could be gone by 2021 and new weapons in the apartment amenities arms race.
Market Data | Sep 11, 2020
5 must reads for the AEC industry today: September 11, 2020
Des Moines University begins construction on new campus and the role of urgent care in easing the oncology journey.
Market Data | Sep 10, 2020
6 must reads for the AEC industry today: September 10, 2020
Taipei's new Performance Hall and Burger King's touchless restaurant designs.
Market Data | Sep 9, 2020
6 must reads for the AEC industry today: September 9, 2020
What will the 'new normal' look like and the AIA hands out its Twenty-five Year Award.
Market Data | Sep 8, 2020
‘New normal’: IAQ, touchless, and higher energy bills?
Not since 9/11 has a single event so severely rocked the foundation of the commercial building industry.
Market Data | Sep 8, 2020
7 must reads for the AEC industry today: September 8, 2020
Google proposes 40-acre redevelopment plan and office buildings should be an essential part of their communities.
Market Data | Sep 4, 2020
6 must reads for the AEC industry today: September 4, 2020
10 Design to redevelop Nanjing AIrport and TUrner Construction takes a stand against racism.
Market Data | Sep 4, 2020
Construction sector adds 16,000 workers in August but nonresidential jobs shrink
Association survey finds contractor pessimism is increasing.
