Entering 2017, construction forecasters were quite optimistic about the near-term outlook for the industry. [...]
However, as of the mid-year 2017 update, the grounds of this euphoria are evaporating. [...] key elements of the Trump administration’s legislative agenda have made almost no progress. [...]
As a result, the AIA Consensus Construction Forecast panel is predicting slower growth for the construction industry for the remainder of 2017 and through 2018.
— aia.org
"The slower estimated growth for 2017 is expected to continue through 2018. Overall spending growth is currently projected by the Consensus Forecast panel at 3.6 percent for next year, down modestly from the 4.9 percent forecast entering this year. Commercial construction is expected to perform closest to prior expectations, with the 4.0 percent expected growth in spending for 2018 down less than 0.5 percentage points from the late-2016 forecast. Industrial construction is now likely to see very modest 1.1 percent growth next year, down from the prior expectations of 3.3 percent, while the institutional outlook has dropped from the 5.8 percent forecast of six months ago to 4.1 percent with the current projections."
For the full report and an interactive version of the infographic above, head over to aia.org.
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