Nonresidential Building Spending to Grow Through 2020
Nonresidential construction spending on buildings is projected to grow by just 1.5 percent through 2020, and less than a one percent increase in 2021, according to a new consensus forecast from The American Institute of Architects (AIA).
Construction spending last year was surprisingly weak, but current estimates suggest the industry had a modest increase in 2019. Retail construction activity was expected to underperform in 2019 but did not see the double-digit percentage declines that were expected. The AIA’s Consensus Construction forecast panel expects similar conditions this year and next.