The AIA Consensus Construction Forecast projects annual growth in the 3.5 percent to 4.0 percent range for the remainder of 2017 as well as for 2018, with a slower growing commercial/industrial market, and an institutional sector facing several challenges. While some slowdown in the commercial sector was anticipated for 2017 and 2018, it was expected to be offset by acceleration in the institutional sector. However, year-to date growth in spending for institutional buildings is at only 3%, well below expectations when the year began.
“Despite billings at architecture firms performing quite well this year, the larger construction industry is facing a range of issues,” says AIA Chief Economist, Kermit Baker, PhD, Hon. AIA. “The somewhat weaker outlook is driven by several factors, some dealing with the broader U.S. economy, some dealing with general construction industry fundamentals, and some dealing with weakness in specific construction sectors.”
Learn more about the AIA Consensus Construction Forecast.
Related Stories
Market Data | May 11, 2020
Interest in eSports is booming amid COVID-19
The industry has proved largely immune to the COVID-19 pandemic due to its prompt transition into online formats and sudden spike in interest from traditional sports organizations.
Market Data | May 11, 2020
6 must reads for the AEC industry today: May 11, 2020
Nashville residential tower will rise 416 feet and the construction industry loses 975,000 jobs.
Market Data | May 8, 2020
Construction industry loses 975,000 jobs in April as new association survey shows deteriorating demand for construction projects
Association partner Procore also releases near real-time construction data measuring impacts of coronavirus as association calls for new measures.
Market Data | May 8, 2020
7 must reads for the AEC industry today: May 8, 2020
The death of the office and Colorado's first multifamily project to receive WELL Precertification.
Market Data | May 7, 2020
5 must reads for the AEC industry today: May 7, 2020
5 memory care communities with a strong sense of mission and making jobsites safer in the COVID-19 world.
Market Data | May 6, 2020
6 must reads for the AEC industry today: May 6, 2020
5 questions engineers will ask after COVID-19 and coronavirus threatens push for denser housing.
Market Data | May 5, 2020
5 must reads for the AEC industry today: May 5, 2020
A new temporary hospital pops up in N.J., and apartment firms' reactivation plans begin to take shape.
Market Data | May 4, 2020
6 must reads for the AEC industry today: May 4, 2020
How working from home is influencing design and is this the end of the open office?
Market Data | May 4, 2020
The Los Angeles market continue to lead the U.S. hotel construction pipeline at the close of the first quarter of 2020
Nationally, under construction project counts hit a new all-time high with 1,819 projects with 243,100 rooms.
Market Data | May 1, 2020
Nonresidential construction spending declines in March as pandemic halts projects
Group warns loan threats are hurting relief program.
