AIA’s Mid-2024 Forecast Predicts Growth in Nonresidential Construction

2024-07-16T18:23:00-04:00

Spending on nonresidential construction is projected to increase over the remainder of the year before taking a step back in 2025, according to the AIA’s updated Consensus Construction Forecast for mid-2024.

The report says construction of new commercial facilities effectively will remain flat this year and next, while manufacturing construction will see increases of 14% this year before stabilizing in 2025. The Institutional sector is projected to see a more than 10% gain this year before slowing to 4% in 2025, according to the data.

Extract from the AIA's latest Consensus Construction Forecast. The interactive data is available to view here.

Put together, these three "niche" sectors now represent 40% of the market for nonresidential buildings. This is a substantial increase from before the pandemic, as in 2019 they accounted for fewer than 23% of the same total. "As a result," the AIA says "sectors that typically have a different design focus, materials composition, and contractor ...

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AIA’s Mid-2024 Forecast Predicts Growth in Nonresidential Construction