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The non-residential construction sector in the US is expected to see an increase in activity throughout 2013.
The American Institute of Architects’ semi-annual consensus construction forecast found that high demand for hotels and retail projects have boosted the sector to grow by 5%, up from a projected increase of 4.4% in mid-2012.
Kermit Baker, AIA chief economist, said: “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 year and into 2014.
“The resurgent housing market has led to a ripple effect where there is a need for more retail establishments and office buildings across the country.”
The survey also forecasts a 7.2% in construction spending in 2014.
But Baker warns that the design industry can’t expect a certain future until the US’ federal budget and debt issues are resolved.
“This has caused enough anxiety in the real estate marketplace that has resulted in numerous delays and even cancelations of active construction projects,” he added. “More than one quarter of architecture firms are reporting that this tenuous situation is a tremendous concern to clients and may lead to more delays or project terminations.”
The purpose of the consensus construction forecast panel is to project business conditions in the construction industry over the coming 12 to 18 months.
Yechte Consulting, along with The Building Centre, launches a new exclusive Social Media platform for professionals working in the construction industry. The platform bridges the online and offline communities.