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Following a 19.7% surge in spending for commercial, institutional, and industrial buildings in 2023, leading construction industry economists expect spending growth to come back to earth in 2024, according to the July 2023 AIA Consensus Construction Forecast Panel.
The construction industry has faced various struggles since the onset of the pandemic. Recent reports confirm that medium-term commercial construction, specifically, has a cloudy forecast at best. There are juxtaposing perspectives in the industry. The July AIA Consensus Construction Forecast Panel expressed optimism concerning the overall construction outlook for 2023, with a 6 percent growth ...
Adequately planning for uncertain financial climates and circumstances will help keep projects on track or address those that have stalled.
Prepare for what’s next with leading construction economists.
Construction spending on buildings is projected to increase just over nine percent this year and another six percent in 2023, according to a new report from the American Institute of Architects (AIA).