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

| Sep 29, 2014

10 common deficiencies in aging healthcare facilities

VOA's Douglas King pinpoints the top issues that arise during healthcare facilities assessments, including missing fire/smoke dampers, out-of-place fire alarms, and poorly constructed doorways. 

| Sep 29, 2014

Snøhetta releases final plan for terraced central library in Calgary

The competition-winning New Central Library is now in the final design stages, after two years of community engagement on the part of design firms Snøhetta and DIALOG. 

| Sep 25, 2014

Jean Nouvel unveils plans for National Art Museum of China

Of the design, Nouvel describes it as inspired by the simplicity of “a single brush stroke.” 

Sponsored | | Sep 25, 2014

Your business doesn’t always need to change

By now, the idea that organizations must adapt to maintain both relevance and market share is so ingrained that it’s been reduced to pithy sayings. But is constant adaptation always the best policy? SPONSORED CONTENT

| Sep 24, 2014

Must see: Semi-submerged hotel planned for Qatar's man-made island

Plans for a new hotel in the Persian Gulf are taking Dubai’s Palm Islands concept to a whole new level—underwater, that is.

| Sep 24, 2014

5 business lessons from a 43-year Star veteran

Mary Ed Cain was supposed to be born a boy. That was the first time she surprised everyone. The second time came on a daily basis during her 43-year career at Star Building Systems. SPONSORED CONTENT

| Sep 24, 2014

Architecture billings see continued strength, led by institutional sector

On the heels of recording its strongest pace of growth since 2007, there continues to be an increasing level of demand for design services signaled in the latest Architecture Billings Index.

| Sep 24, 2014

Frank Gehry's first building in Latin America will host grand opening on Oct. 2

Gehry's design for the Biomuseo, or Museum of Biodiversity, draws inspiration from the site's natural and cultural surroundings, including local Panamaian tin roofs.

| Sep 23, 2014

Third phase of New York’s High Line redevelopment opens

The $35 million Phase 3, known as High Line at the Rail Yards, broke ground September 20, 2012, and officially opened to the public on September 21.

| Sep 23, 2014

Designing with Water: Report analyzes ways coastal cities can cope with flooding

The report contains 12 case studies of cities around the world that have applied advanced flood management techniques. 

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