Architects Saying '12, '13 Looking Good
The nation’s architects have looked in their crystal ball and say that while life is still tough for the design industry, things are looking up. Probably. The new American Institute of Architects’ Consensus Construction Forecast is projecting a 2.1 percent increase in spending on nonresidential projects this year, and a 6.4 percent increase in 2013.
Jan. 25, 2012
The biggest increases will come in the form of new hotels, industrial spaces and plants, retail and office buildings.
“Spending on hotels, industrial plants, and commercial properties are going to set the pace for the construction industry over the next two years,” said AIA chief economist, Kermit Baker, in a press release. “The institutional market won’t experience the same growth, but healthcare facilities and places of worship are poised for a positive economic outlook in that sector.”
Things that could screw it all up: high energy costs could trigger inflation, making recovery even slower.
Read more in this Businessweek article from Jan. 30, 2012.