Economists from the AIA, the National Association of Home Builders, and the Associated Builders and Contractors convened this week to deliver a midyear status update on the health of the construction sector. While recovery among the market sub-categories—commercial/industrial, multifamily, institutional, and single-family residential—has largely been uneven and will continue to be, the economist trio forecasts growth across the sectors through 2017.
“Revenue at architecture firms continues to grow, so prospects for the construction industry remain solid over the next 12 to 18 months,” said AIA chief economist Kermit Baker, Hon. AIA, in a press release. “Given current demographic trends, the single-family residential and the institutional building sectors have the greatest potential for further expansion at present.”