A new consensus forecast conducted by the American Institute of Architects (AIA) indicates that construction spending is expected to grow through 2019. After modest increases in nonresidential construction spending last year, the AIA Consensus Construction Forecast Panel defied previous expectations, now projecting 4.0-percent growth in 2018 and an increase of 3.9 percent in 2019.

“At the halfway point of the year, this panel is even more optimistic,” said AIA Chief Economist Kermit Baker, Hon. AIA. “Their forecasts have been marked up to 4.7 percent growth in spending for this year and an additional 4.0 percent in 2019. If these projections materialize, by the end of next year the industry will have seen nine years of consecutive growth, and total spending on nonresidential buildings will be 5 percent greater—ignoring inflationary adjustments—than the last market peak of 2008.”

The AIA Consensus Construction Forecast Panel, now in its 18th year, comprises leading economic forecasters including Dodge Data & Analytics, Wells Fargo Securities, LLC, IHS Economics, Moody’s Economy.com, ConstructConnect, Associated Builders & Contractors, and FMI.