Exceptionally Strong Growth in Nonresidential Building Spending Projected for 2023; Slower Gains Predicted for 2024

{"version":"0.3.0","atoms":[],"cards":[],"markups":[["b"],["a",["href","https:\/\/www.aia.org\/articles\/6648150-after-potential-record-growth-in-2023-cons"]],["a",["href","http:\/\/info.aia.org\/aiarchitect\/2023\/charts\/Jul%202023\/ccf_072523.html"]]],"sections":[[1,"p",[[0,[0],1,"WASHINGTON \u2013 July 18, 2023"],[0,[],0," - The American\nInstitute of Architect\u2019s (AIA) "],[0,[1],1,"Consensus Construction\nForecast"],[0,[],0,"\npanel has optimistic projections for nonresidential building spending in late\n2023 and beyond, and the news is generally positive \u2013 with a caveat. The panel\u2014comprised\nof leading economic forecasters\u2014is projecting that spending on buildings will\nincrease by 20% this year\u2014a torrid pace not seen since the construction boom\nyears leading up to the Great Recession. "]]],[1,"p",[[0,[],0,"\u201cThe forecast for\nnonresidential construction activity remains healthy through the second half of\n2023 and into 2024,\u201d says AIA Chief Economist "],[0,[0],1,"Kermit\nBaker"],[0,[],0,", PhD, Hon. AIA. \u201cThe industry got off to an\nextremely strong start in the first half of the year, and that momentum will\nensure healthy gains for the year before moving to a much more moderate pace of\nexpansion in 2024.\u201d "]]],[1,"p",[[0,[],0,"Leading the charge is\nthe manufacturing sector, where spending is projected to increase more than 50%\nover last year\u2019s exceptional performance. Healthy gains are expected across all\nsectors, including commercial, institutional, and industrial construction categories,\nwith each projected to increase at a double-digit pace. "]]],[1,"p",[[0,[],0,"Though spending on nonresidential buildings\nincreased by more than 10% last year, once inflation is factored in, real\nincreases were much lower. This means that while companies are investing\nheavily in new buildings and renovations this year, their investments may not translate\ninto comparable economic growth or employment opportunities. However, with inflation\nin construction moderating, there is optimism among industry professionals\nabout what lies ahead for nonresidential building projects this year and\nbeyond. "]]],[1,"p",[[0,[2],1,"http:\/\/info.aia.org\/aiarchitect\/2023\/charts\/Jul%202023\/ccf_072523.html"]]],[1,"p",[[0,[],0,"\n \n \n \n \n"]]],[1,"p",[[0,[0],1,"About AIA"]]],[1,"p",[[0,[],0,"Founded in 1857, AIA consistently works\nto create more valuable, healthy, secure, and sustainable buildings,\nneighborhoods, and communities. Through more than 200 international, state and\nlocal chapters, AIA advocates for public policies that promote economic\nvitality and public wellbeing."]]],[1,"p",[[0,[],0,"AIA\nprovides members with tools and resources to assist them in their careers and\nbusiness as well as engaging civic and government leaders and the public to\nfind solutions to pressing issues facing our communities, institutions, nation,\nand world. Members adhere to a code of ethics and conduct to ensure the highest\nprofessional standards."]]]]}