Industry News




01/30/2014

Commercial Construction Forecast: Promising for 2014 and 2015

 
The commercial construction industry will likely see a boost in 2014 and 2015.

As the economy continues to stabilize, non-residential construction will grow, spurred along by declining office and retail vacancies as well as growing commercial property values. The American Institute of Architects (AIA) predicts that spending will increase 5.8% in 2014 and 8% in 2015.

Led by the hotel and retail project categories, the commercial sector is expected to see the biggest gains in construction spending, with demand for institutional projects increasing at a more moderate level. But this increase could pose problems.

“The rosy outlook also contains several concerns for the entire construction industry. Rising construction costs, a shortage of skilled labor, and bank credit standards that have not eased up enough to keep pace with the strong demand for construction financing are all serious challenges to sustained growth in the coming years,” says Kermit Baker, chief economist at AIA.

Market Segment Consensus Growth Forecasts

Commercial, Industrial 2014 2015
Hotels 13.1% 9.2%
Retail 10.5% 11.5%
Office Buildings 9.2% 10.8%
Industrial Facilities 7.8% 8.7%

Institutional                   
2014 
2015
Amusement, Recreation 9.9% 7.5%
Healthcare Facilities 5.2% 7.8%
Education 2.8% 5.8%
Public Safety -0.2% 3.1%
Religious -1.7% 1.3%

For the full report, visit AIA's website.

 


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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.

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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.

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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