Total construction put in place (CPIP) for 2014 will be $62 billion greater than last year—a 7% increase, according to the latest report from FMI. CPIP should finish this year around $972 billion and is expected to top $1.04 trillion in 2015.
Commercial and manufacturing construction are two of the largest growth sectors, accounting for more than $111 billion in new construction.
Lodging has experienced the largest percentage increase for CPIP in 2014. It is expected to finish the year 24% up from 2013, building on last year’s 25% increase. This sector now accounts for nearly $17 billion in CPIP.
Click here to download a copy of the current Construction Outlook.
