Nonresidential construction spending on buildings is projected to grow by 4.4 percent through 2019, according to a consensus forecast from the American Institute of Architects (AIA).
Healthy gains in the industrial and institutional building sectors have bolstered growth projections for 2019; however, the AIA Consensus Construction Forecast Panel, consisting of leading economic forecasters, is suggesting that a broader economic downturn may be materializing over the next 12-24 months. Learn more about this Consensus Construction Forecast online.
“Though the economy has been performing very well recently, trends in business confidence scores are red flags that suggest a slowdown is likely for 2020,” says AIA Chief Economist Kermit Baker, Hon. AIA, PhD. “These signals may be temporary responses to negative short-term conditions, but historically they have preceded a more widespread downturn.”