The Lighting Controls Association has published a new whitepaper by this blogger summarizing construction forecasts for 2012.
This construction outlook reviews the year’s top line construction numbers, shows where leading construction and electrical industry indicators are trending, and provides a summary of the latest AIA Consensus Construction Forecast for 2011.
Although the national economic recovery is now two and a half years old, construction spending has continued to contract.
In June 2011, the American Institute of Architects (AIA) semi-annual Consensus Construction Forecast, a survey of the nation’s leading construction forecasters, projected a 5.6% decrease in nonresidential construction spending in 2011 from 2010, followed by a significant rebound with a projected 6.4% increase in spending in 2012.
A weaker than expected economy led to a revision of this forecast in January 2012, with the Consensus Construction Forecast projecting 2.1% growth in nonresidential construction spending in 2012 and 6.4% in 2013. In short, a modest recovery in 2012.
Click here to read the entire whitepaper.
| Market Segment Consensus Growth Forecast | Forecast % Change | |
| 2012 | 2013 | |
| Nonresidential Total | +2.1% | +6.4% |
| Commercial Total | +5.6% | +11.4% |
| Office | +4.3% | +9.6% |
| Retail/Other Commercial | +5.0% | +9.9% |
| Hotel | +10.2% | +19.7% |
| Industrial Total | +6.0% | +10.2% |
| Institutional Total | -0.1% | +3.6% |
| Healthcare | +4.5% | +5.3% |
| Education | -1.7% | +3.1% |
| Religious | +5.1% | +6.3% |
| Public Safety | -3.8% | +0.3% |
| Amusement/Recreation | +0.2% | +6.5% |
Source: AIA Consensus Construction Forecast, calculated as an average of all forecasts provided by the panelists that submit forecasts for each of the above building categories: McGraw-Hill Construction, IHS-Global Insight, Moody’s Economy.com, FMI, Reed’s Construction Data and Associated Builders and Contractors.
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