Nonresidential construction spending expected to moderate through 2024

{"version":"0.3.0","atoms":[],"cards":[["images-card",{"images":[{"url":"http:\/\/res.cloudinary.com\/dpcbzfiye\/image\/upload\/v1673968106\/tl8aaccltrs90ipskwzg.png","id":"6585312"}],"caption":""}]],"markups":[["strong"],["a",["href","https:\/\/www.aia.org\/articles\/6584378-construction-forecasters-remain-cautiously"]],["b"]],"sections":[[1,"p",[[0,[0],1,"WASHINGTON \u2013 January\n17, 2023 "],[0,[],0,"\u2013 While spending on nonresidential construction\npicked up momentum toward the end of 2022, construction spending will moderate\nin 2023 and slow significantly in 2024, according to a new report from the\nAmerican Institute of Architects (AIA)."]]],[1,"p",[[0,[],0,"Despite macroeconomic\nheadwinds such as inflation, rising interest rates, and weak consumer sentiment\nscores, the "],[0,[1],1,"AIA\u2019s Consensus Construction Forecast"],[0,[],0,"\npanel\u2014comprising leading economic forecasters\u2014is projecting nonresidential\nconstruction spending to grow 5.8 percent in 2023 but slow to under 1 percent\nin 2024. Similar to 2022, growth in construction spending in 2023 will be\nuneven with a projected 2.6 percent increase in the commercial sector, 15.1\npercent for industrial facilities, and 4.1 percent for institutional buildings.\nIn 2024 spending on commercial buildings is forecast to decline 1.4 percent,\nwhile industrial projects gain a modest 0.4 percent, and a 3.8 percent increase\nfor institutional facilities."]]],[1,"p",[[0,[],0,"\u201cThe U.S. economy will\ncontinue to face serious challenges as we move through 2023, dampening the construction\noutlook,\u201d said AIA Chief Economist Kermit Baker, Hon. AIA, PhD. \u201cHowever\nhealthy architect and contractor project backlogs should ease the negative\nimpact of an economic slowdown.\u201d"]]],[10,0],[1,"p",[[0,[],0,"Complete details on the latest\nConsensus Construction Forecast can be found on "],[0,[1],1,"AIA\u2019s\nwebsite"],[0,[],0,"."]]],[1,"p",[[0,[2],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."]]]]}