Panel forecasts modest growth in construction spending.
Byline: Brian Johnson
Nonresidential construction spending in the U.S. is poised for slight growth throughout the year and into 2021, according to a consensus forecast from the American Institute of Architects.
AIA's Consensus Construction forecast panel predicts spending growth of 1.5% in 2020 and 0.9% in 2021.
In 2020, the biggest expected growth areas are public safety (7.2%), education (3.9%) and healthcare (3.4%), and the biggest areas of decline are religious (-1.9), amusement (-1.8%) and retail (-1.3%) projects.
"The broader economy is expected to continue to see slower growth this year, but the number of potential trouble spots seems to be diminishing," AIA Chief Economist Kermit Baker said in a press release...
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