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January 29, 2020
WASHINGTON, D.C. — Nonresidential construction spending on buildings is projected to grow by just 1.5% through 2020 and by less than 1% in 2021, according to a new consensus forecast from The American Institute of Architects.
The AIA said construction spending in 2019 was weak, but current estimates still suggest the industry had a modest increase. Retail construction activity was expected to underperform in 2019 but did not see the double-digit percentage declines that were expected. The AIA's Consensus Construction forecast panel expects similar conditions this year and next.
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