According to the Spring 2018 Forecast Quarterly Report, nonresidential building starts in the United States will drop by 1.6 percent in 2018. However, the decline can be attributed to a response to some major project initiatives from 2017.
Further, Construction—both residential and nonresidential—is expected to rise by five percent annually from 2019 to 2022. The report—compiled by ConstructConnect, a provider of construction information and technology solutions in North America—also expects road starts to rise by seven percent and bridge starts by nine percent this year.
The forecast says this year, new construction will be influenced by three factors, including:
- rise in gross domestic product (GDP) by nearly three percent;
- new tax plan is encouraging individuals and corporations to increase spending; and
- ongoing improvements in global trade.
Total nonresidential building starts will average two percent annually from 2019 to 2022. For a free copy of the report, visit ConstructConnect.