Despite modest improvements in the overall U.S. economy, nonresidential construction spending is expected to decline by more than 20% percent in 2010 with a marginal increase of 3.1% in 2011 (in inflation adjusted terms)
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According to the American Institute of Architects’ (AIA) semi-annual Consensus Construction Forecast, despite modest improvements in the overall U.S. economy, nonresidential construction spending is expected to decline by more than 20% in 2010 with a marginal increase of 3.1% in 2011 (in inflation adjusted terms). Reasons for remaining poor conditions include an oversupply of nonresidential facilities in most construction categories, weak demand for space, continuing declines in commercial property values, and a strong reluctance to provide credit from real estate lenders. Click here for the full report.
Source: American Institute of Architects
