Architect association forecasts 5.4% increase in 2022 construction spending
Institutional construction spending in the U.S. is projected to rebound by 4.4 percent in 2022 and 6 percent in 2023, according to a new report by the American Institute of Architects (AIA).
With a 5 percent decline in construction spending on buildings last year, only retail and other commercial, industrial, and health-care facilities managed spending increases.
The AIA Consensus Construction Forecast polled several construction analysts and financial institutions and advisers who estimated a 5.4 percent overall increase in construction this year and 6.1 percent in 2023.
Amusement and recreation construction projects led the forecast with an anticipated 7.7 percent jump in 2022, followed by a 6 percent rise in 2023.
Health-related construction projects are expected to maintain a steady increase of more than 6 percent in both 2022 and 2023.
Education construction will see a 3.5 increase this year, according to the panel, but the category will benefit from a 6.1 percent increase in 2023.
Only the hotel, religious, and public safety sectors are expected to continue to decline this year. By 2023, all the major commercial, industrial, and institutional categories are projected to see reasonably healthy gains or better.