February 5, 2007—The nonresidential construction market is expected to increase by almost seven percent in 2007 in inflation adjusted terms, following the growth of near six percent in 2006. With balanced growth in the commercial/industrial and institution sectors, strong construction activity is projected in office buildings, hotels, and healthcare facilities.
These are highlights from The American Institute of Architects (AIA) semi-annual Consensus Construction Forecast, a survey of the nation’s leading construction forecasters. If this projection is accurate, 2006-2007 would be the best two-year period for the industry since the late 1990’s, says AIA.
“Unless there is a significant downturn in the overall US economy, the prospects for nonresidential construction activity are very favorable,” said AIA Chief Economist, Kermit Baker, PhD, Hon. AIA. “The high level of projected activity will help offset some of the effects of the slumping residential market.”
For the full report, visit AIA’s site.
