A sharp spike in demand for industrial facilities, along with sustained demand for hotels and retail projects is fueling a 4.4% rise in design and construction spending this year, up from a 2.1% projected increase in the January, reports the American Institute of Architects (AIA). The group also projects a 6.2% increase of spending in 2013. “With companies looking to bring back manufacturing jobs from overseas, there has been a sharp rise in demand for industrial facilities,” said AIA Chief Economist Kermit Baker. “Continued budget shortfalls at the state and local level, along with a depressed municipal bond market are holding the institutional market back from seeing similar upticks in spending.” For the full report, CLICK HERE.
