There are signs that the U.S. design and construction industry is improving, reports the American Institute of Architects. Borrowing costs are at record low levels and pent up demand for commercial and retail projects factors into what projects to be a 2.1% rise in spending this year for nonresidential construction projects. The American Institute of Architects (AIA) semi-annual Consensus Construction Forecast a 6.4% increase of spending in 2013.
“Spending on hotels, industrial plants and commercial properties are going to set the pace for the construction industry over the next two years,” said AIA chief economist Kermit Baker. “The institutional market won’t experience the same growth, but healthcare facilities and places of worship are poised for a positive economic outlook in that sector.”
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Market Segment Consensus Growth Forecasts
|
2012
|
2013
|
|
Overall nonresidential
|
2.1%
|
6.4%
|
|
Commercial / industrial
|
5.6%
|
11.4%
|
|
• Hotels
|
10.2%
|
19.7%
|
|
• Industrial
|
6.0%
|
10.2%
|
|
• Retail
|
5.0%
|
9.9%
|
|
• Office buildings
|
4.3%
|
9.6%
|
|
Institutional
|
-0.1%
|
3.6%
|
|
• Religious
|
5.1%
|
6.3%
|
|
• Healthcare facilities
|
4.5%
|
5.3%
|
|
• Amusement / recreation
|
0.2%
|
6.5%
|
|
• Education
|
-1.7%
|
3.1%
|
|
• Public safety
|
-3.8%
|
0.3%
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