A recent webcast featuring economists from Reed Construction Data, American Institute of Architects and the Association of General Contractors of America outlined the economic state of the construction industry in the U.S. They addressed key business opportunities, target growth markets, and the impact of market conditions on the performance of different construction sectors.
During the webcast, one of the economists forecasted economic growth in the nonresidential construction sector with overall spending reaching $320 billion this year and $348 billion in 2015. Rebounding gradually from the recession, he predicted increased construction spending in the hotel, office, commercial, healthcare and particularly manufacturing sector.
According to Reed Construction Data’s latest technology Reed Insight, which shows upcoming projects throughout the country, California, Texas, Florida, and states around the Great Lakes region have the largest share of upcoming manufacturing projects.
Heavy engineering construction spending is also forecasted to grow in 2014 to $280 billion and reach prerecession levels in 2015 at $304 billion.
The archived version of the webcast is available here (after registering).