The Consensus Construction Forecast from the American Institute of Architects projects that nonresidential construction spending for the U.S. will decline 20% this year. The overall spending growth next year in nonresidential buildings is just over 3%, with more than 5% in the commercial sector, a 2% decline in manufacturing facilities and 4% growth for institutional buildings.
AIA reports the construction sector continues to be a major drag on the economy, as payrolls in this industry have declined by 114,000 so far this year. The forecast indicates the international economic outlook should produce construction opportunities this year with domestic opportunities beginning to present themselves next year.
Commercial property values nationally have fallen more than 40% from their mid-2007 high through the 1st quarter of this year.
Pictured: American Institute of Architects projects that nonresidential construction spending for the U.S. will decline 20% this year.
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