AIA Forecasts Nonresidential Construction Growth Through 2020
Washington, DC - Spending on nonresidential building construction is expected to increase almost four percent this year and more than two percent in 2020, according to a new consensus forecast from The American Institute of Architects (AIA).
Continued volatility has not impacted construction spending as the projections by the AIA Consensus Construction Forecast Panel—consisting of leading economic forecasters—are largely unchanged from where they stood at the beginning of the
year. While some individual construction sectors are projected to see declines over the next 18 months, the consensus projects overall building construction activity will continue to expand.
“The outlook showing nonresidential construction activity continuing to expand reflects the underlying strength of the economy, even this late in the business cycle,” said AIA Chief Economist Kermit Baker, Hon. AIA, PhD. “However, there
are several potential threats to continued healthy growth in the broader economy as well as in the construction industry that would point to slower economic growth in future quarters.”
Complete details on the latest Consensus Construction Forecast can be found on AIA’s website.
About The American Institute Of Architects
For over 150 years, members of the American Institute of Architects have worked with each other and their communities to create more valuable, healthy, secure, and sustainable buildings and cityscapes. Members adhere to a code of ethics and professional conduct to ensure the highest standards in professional practice. Embracing their responsibility to serve society, AIA members engage civic and government leaders and the public in helping find needed solutions to pressing issues facing our communities, institutions, nation and world. For more information, visit www.aia.org.