The report that we just released is showing spending for the year up 20%. So, we’ve obviously seen a much stronger first half of the year than was anticipated. And that’s reflected in the current projection for 2023 as a whole.
Since we’ve seen such a strong first half, the consensus is not for more acceleration in the second half. The consensus seems to be that strength is behind us and we’ll begin to moderate as we move into the second half of the year.
— Construction Dive
Baker predicts institutional construction will remain strong for the rest of this year, bolstered mainly by healthcare. Other sectors he expects to see a rebound include hospitality, K-12, and warehouses, albeit at a dampened pace for the third. He also mentions the new AIA Consensus Construction Forecast predicting a slight (1.7%) contraction in spending for 2024, along with another slight acceleration in institutional, and says both are likely to be exacerbated by the combined effects of inflation and other cost-related factors.
Explore related AEC economic news reported in June and July on Archinect below:
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