Industry News




01/26/2011

Construction Spending Experiencing Slow Recovery

 
Noncommercial construction spending is expected to recovery slowly.

The AIA has released figures detailing a slow recovery for the nonresidential construction industry, predicting no increase in spending until late in 2011.  In fact, nonresidential construction spending is expected to take a 2% dip, with recovery and increases coming in 2012.

“The key factors that have prevented an accelerated recovery include historically low lending rates for real estate projects, the lingering effects of general overbuilding and an unfavorable bond market that has hampered the ability for municipalities to get the requisite funding to build new schools and hospitals,” says AIA Chief Economist, Kermit Baker, PhD, Hon. AIA. “Conditions should improve later this year and gain momentum as we move into 2012, particularly for hotel, retail and office building projects.”

Baker noted that two areas that may affect the design and construction industry are the federal budget deficit and increasing energy costs, as the price of crude oil continues to climb (it has doubled since 2009).  When it comes to construction spending, the industry may have to look to 2012 for recovery.

AIA President Clark. D Manus Inaugurated

Construction Spending Falls to Lowest Level in Seven Years

Nonresidental Construction Declines as Stimulus Dollars Trickle Out to Contractors


 

 


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Visit our website today to learn about the design flexibility of a Morton building and the endless possibilities of partnering with our designBUILD team.


Wood construction is both cost and energy efficient. Check out Morton Buildings and our designBUILD team online today to discover all the benefits of post-frame construction.


When choosing a metal-clad building for your next construction project, consider Morton Buildings, Inc., and their designBUILD team, we’ll make your dream a reality.

We Can Help You Reduce Energy by 30%

Our mission is to help our customers manage their buildings' energy costs, improve reliability, and enhance performance while having a positive impact on the environment.
CLICK HERE to find out how.


 
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