Spending on nonresidential buildings is projected to increase over 7% this year, but then slow to only 2% growth next year. Commercial facilities activity effectively will be flat this year and next, manufacturing construction will increase almost 14% this year before stabilizing in 2025, and institutional construction will see a more than 10% gain this year before slowing to 4% in 2025.
These are key conclusions from the mid-year update by the AIA Consensus Construction Forecast panelists, a group comprised of the leading construction forecasters from across the country. This survey evaluates how this year is likely to shape up from the midyear vantage point, and projects how these trends are expected to play out as we move through the coming year. The figures presented here are in nominal terms, meaning that they are not adjusted for inflation. Click here to read more.