The following is a press release from the American Institute of Architects (AIA) predicting that construction spending on nonresidential structures is expected to increase through this year.
Nonresidential construction spending on buildings is projected to grow by 4.4 percent through 2019, according to a new 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,” said AIA Chief Economist Kermit Baker, Hon. AIA. “These signals may be temporary responses to negative short-term conditions, but historically they have preceded a more widespread downturn.”