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

| May 11, 2014

8 starter questions to answer when thinking about building

So, are you ready to start building? Completing these eight questions will help you answer that confidently. SPONSORED CONTENT

| May 8, 2014

Don’t bother planning for the future - it doesn’t care about you

Though strategic planning has helped many businesses move forward, its time has passed. So says Economist and Author Bill Conerly. SPONSORED CONTENT

| May 8, 2014

Infographic: 4 most common causes of construction site fatalities

In honor of Safety Week, Skanska put together this nifty infographic on how to prevent deadly harm in construction. 

| May 6, 2014

'Beyond' is artist's cinematic take on 2.5 years of development in the UAE

Seven-minute video offers a time-lapse trip through the built environments of Abu Dhabi and Dubai.

| May 6, 2014

'Ugliest building in New Jersey' finally getting facelift

After a decade of false starts and mishaps, the American Dream mall in the Meadowlands may finally get built.

| May 5, 2014

Toronto residential tower to feature drawer-like facade scheme

Some of the apartments in the new River City development will protrude from the building at different lengths, creating a drawer-like "push-pull" effect.

| May 2, 2014

Structure Tone pleads guilty to charge of arranging inflated subcontractor bills

Construction giant will pay a $55 million forfeiture after pleading guilty to a charge of arranging inflated subcontractor fees. 

| May 2, 2014

Norwegian modular project set to be world's tallest timber-frame apartment building [slideshow]

A 14-story luxury apartment block in central Bergen, Norway, will be the world's tallest timber-framed multifamily project, at 49 meters (160 feet). 

| May 2, 2014

Top 10 countries for LEED buildings outside the U.S.

The list of the top 10 countries for LEED reflects the global adaptability of the world’s most widely used and recognized system guiding the design, construction, operations and maintenance of green buildings.

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