Nonresidential construction spending is growing at a faster rate than the overall U.S. economyy, according to the American Institute of Architects' (AIA) semi-annual Consensus Construction Forecast, which surveys the nation's leading construction forecasters. Results of the study project a 5 percent increase in overall nonresidential market segment growth, and a 7.2 percent increase in spending for 2014.
"After seeing construction activity seesaw for much of last year, there is a much stronger sense that we have entered a recovery phase and the industry is positioned to see continued economic improvement as we move through the year and into 2014," says Kermit Baker, PhD, Hon. AIA, chief economist for the AIA. "The resurgent housing market has led to a ripple effect where there is a need for more retail establishments and office buildings in the country."
By commercial segment for 2013, the hotel market is expected to grow by 15.7 percent, with retail growing nearly half that rate at 7.8 percent. Office building construction growth trails at 7.2 percent and industrial facilities are projected to grow by 5 percent.
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