{"id":203566,"date":"2023-02-06T15:22:32","date_gmt":"2023-02-06T20:22:32","guid":{"rendered":"https:\/\/www.constructionspecifier.com\/?p=203566"},"modified":"2023-02-06T15:22:32","modified_gmt":"2023-02-06T20:22:32","slug":"construction-spending-expected-to-significantly-slow-down-in-2024-aia-report","status":"publish","type":"post","link":"https:\/\/www.constructionspecifier.com\/construction-spending-expected-to-significantly-slow-down-in-2024-aia-report\/","title":{"rendered":"Construction spending expected to significantly slow down in 2024: AIA Report"},"content":{"rendered":"
\"\"<\/a>
AIA\u2019s Consensus Construction Forecast panel\u2014comprising leading economic forecasters\u2014is projecting nonresidential construction spending to grow 5.8 percent in 2023, but with a drop to under 1 percent in 2024. <\/span>Photo courtesy AIA <\/em><\/span><\/figcaption><\/figure>\n

While spending on nonresidential construction picked up momentum toward the end of 2022, construction spending will moderate in 2023 and significantly slow down in 2024, according to a new report from the American Institute of Architects (AIA).<\/p>\n

Despite macroeconomic headwinds such as inflation, rising interest rates, and weak consumer sentiment scores, the AIA\u2019s Consensus Construction Forecast panel, made of leading economic forecasters, is projecting nonresidential construction spending to grow 5.8 percent in 2023, but with a drop to under 1 percent in 2024.<\/p>\n

Similar to 2022, growth in construction spending in 2023 will be uneven with a projected 2.6 percent increase in the commercial sector, 15.1 percent for industrial facilities, and 4.1 percent for institutional buildings. In 2024, forecasts predict spending on commercial buildings to decline by 1.4 percent, while industrial projects gain a modest 0.4 percent, with a 3.8 percent increase for institutional facilities.<\/p>\n

\u201cThe U.S. economy will continue to face serious challenges as we move through 2023, dampening the construction outlook,\u201d says AIA chief economist Kermit Baker, Hon. AIA, PhD. \u201cHowever healthy architect and contractor project backlogs should ease the negative impact of an economic slowdown.\u201d<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

While spending on nonresidential construction picked up momentum toward the end of 2022, construction spending will moderate in 2023 and significantly slow down in 2024, according to a new report from the American Institute of Architects (AIA).<\/p>\n","protected":false},"author":29853,"featured_media":203568,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1029],"tags":[1032,1829,1687,1337,1973,8044,8045,8043,3202,8046,8042,3663],"class_list":["post-203566","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-aia","tag-american-institute-of-architects","tag-commercial","tag-construction","tag-forecast","tag-inflation","tag-interest-rates","tag-macroeconomic","tag-nonresidential","tag-prediction","tag-slowdown","tag-spending","entry"],"acf":[],"yoast_head":"\nConstruction spending expected to significantly slow down in 2024: AIA 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