Despite deteriorating economic conditions, nonresidential construction spending projected to increase through 2023

{"version":"0.3.0","atoms":[],"cards":[["images-card",{"images":[{"url":"http:\/\/res.cloudinary.com\/dpcbzfiye\/image\/upload\/v1658405131\/jmb8dlhop0r0zizbjlci.jpg","id":"6527275"}]}]],"markups":[["strong"],["a",["href","https:\/\/www.aia.org\/articles\/6526013-what-recession-aia-consensus-construction-","target","_new"]],["a",["href","https:\/\/www.aia.org\/articles\/6526013-what-recession-aia-consensus-construction-"]],["b"]],"sections":[[1,"p",[[0,[0],1,"WASHINGTON \u2013 July 21,\n2022 \u2013"],[0,[],0," Construction spending on buildings is projected to\nincrease just over nine percent this year and another six percent in 2023,\naccording to a new report from the American Institute of Architects (AIA). "]]],[1,"p",[[0,[],0,"While the outlook for\nthe broader economy has become more uncertain, the prospects for construction\nspending have improved since the beginning of the year. The outlook from the "],[0,[1],1,"AIA\nConsensus Construction Forecast Panel"],[0,[],0,", in its mid-year update, is more\noptimistic than what was projected at the beginning of the year, largely due to\nthe extremely strong gains in the manufacturing category, as well as surprising\nstrength in retail facilities. The industrial market is expected to pace the\nbuilding construction upturn this year and next, while the institutional sector\nis forecast to begin its recovery this year and accelerate moving into 2023. "]]],[1,"p",[[0,[],0,"\u201cThe construction\nindustry is not without its own set of challenges,\u201d said AIA Chief Economist\nKermit Baker, Hon. AIA, PhD. \u201cSupply chain disruptions coupled with general\ninflation has pushed up inputs to construction by almost 15 percent over the\npast year. However, challenges to the economy and the construction industry\nnotwithstanding, the outlook for the nonresidential building market appears\npromising for this year and next.\u201d"]]],[1,"p",[]],[10,0],[1,"p",[[0,[],0,"Complete details on\nthe latest Consensus Construction Forecast can be found on "],[0,[2],1,"AIA\u2019s website"],[0,[],0,"."]]],[1,"p",[[0,[3],1,"About AIA"]]],[1,"p",[[0,[],0,"Founded\nin 1857, AIA consistently works to create more valuable, healthy, secure, and\nsustainable buildings, neighborhoods, and communities. Through more than 200\ninternational, state and local chapters, AIA advocates for public policies that\npromote economic vitality and public wellbeing."]]],[1,"p",[[0,[],0,"AIA provides members with tools and resources to assist them\nin their careers and business as well as engaging civic and government leaders\nand the public to find solutions to pressing issues facing our communities,\ninstitutions, nation, and world. Members adhere to a code of ethics and conduct\nto ensure the highest professional standards."]]]]}