flexiblefullpage
billboard
interstitial1
catfish1
Currently Reading

Construction economists optimistic about 2014 growth

Construction economists optimistic about 2014 growth

ABC’s quarterly Construction Backlog Indicator (CBI) will be released Aug. 19.


By Associated Builders and Contractors | August 5, 2014
Associated Builders and Contractors (ABC) Chief Economist Anirban Basu, American Institute of Architects (AIA) Chief Economist Kermit Baker and National Association of Home Builders (NAHB) Chief Economist David Crowe provided a collaborative economic forecast combining their expert economic analysis on leading, present and lagging economic indicators.
 
"A combination of low interest rates; wealth effects stemming from a booming stock market and rising home prices; surging energy production; and expanding industrial output has helped position the U.S. economy for more rapid growth during the next several quarters," said ABC Chief Economist Anirban Basu. "This will lead to more robust recovery in the U.S. nonresidential construction industry, which has also been aided by stable materials prices and improving commercial real estate fundamentals. ABC predicts 7 percent nominal nonresidential construction growth in 2014, despite ongoing challenges in the public construction segment."
 
"We continue to have an optimistic outlook for the commercial and industrial sectors for the rest of this year and into 2015," said AIA Chief Economist Kermit Baker, PhD, Hon. AIA. "However, until we see state and local governments ramp up spending for new education, health care and public safety structures there likely won’t be a widespread acceleration in spending for the entire industry."
 
"Economic pick-up in the second quarter was coupled with a return in housing construction," said David Crowe, chief economist for NAHB. "We expect continued modest growth in housing construction as employment rises and more household formations take place. However, continued tight supplies of labor and land will put upward pressure on new home prices."
 
In addition to this forecast, AIA released its latest Architecture Billings Index (ABI) July 23, NAHB released its latest NAHB/Wells Fargo Housing Market Index (HMI) July 16 and ABC’s quarterly Construction Backlog Indicator (CBI) will be released Aug. 19.

Related Stories

Big Data | Jan 5, 2018

In the age of data-driven design, has POE’s time finally come?

At a time when research- and data-based methods are playing a larger role in architecture, there remains a surprisingly scant amount of post-occupancy research. But that’s starting to change.

Multifamily Housing | Jan 4, 2018

Shigeru Ban’s mass timber tower in Vancouver gets city approval

The 232-foot-tall Terrace House luxury condo development will be the tallest hybrid wood structure in North America.

Contractors | Jan 4, 2018

Construction spending in a ‘mature’ period of incremental growth

Labor shortages are spiking wages. Materials costs are rising, too. 

Contractors | Jan 2, 2018

Construction jobs increase in 40 states between November 2016 and November 2017

"There were robust construction gains in most parts of the country as the economy continues to expand," said AGC’s Stephen Sandherr.

Green | Dec 22, 2017

Green builders can use ‘big data’ to make design decisions

More and more, green project teams are relying on publicly available “external datasets” to prioritize sustainable design decisions, says sustainability consultant Adele Houghton.

Reconstruction & Renovation | Dec 21, 2017

Interactive map includes detailed information on historic New York City buildings

The New York City Landmarks Preservation Commission launched a new, enhanced version of its interactive map, Discover NYC Landmarks.

High-rise Construction | Dec 20, 2017

Another record year for high-rise construction

More than 140 skyscrapers were completed across the globe this year, including 15 supertall towers.

Game Changers | Dec 20, 2017

Urban farms can help plant seeds for cities’ growth around them

Urban farms have been impacting cities’ agribusiness—and, on some cases, their redevelopment—for decades.

Public Health Labs | Dec 19, 2017

10 takeaways from SmithGroup’s ‘lab of the future’ initiative

The LAB2050 initiative digs into the scientific trends, technologies, and economics that will shape tomorrow’s research laboratory environments.

Contractors | Dec 18, 2017

HITT Contracting names next generation of leadership

Executive Vice President Kim Roy has been named CEO.

boombox1
boombox2
native1

More In Category




halfpage1

Most Popular Content

  1. 2021 Giants 400 Report
  2. Top 150 Architecture Firms for 2019
  3. 13 projects that represent the future of affordable housing
  4. Sagrada Familia completion date pushed back due to coronavirus
  5. Top 160 Architecture Firms 2021