While architects, engineers and construction pros close the books on 2014, industry experts have already crunched mountains of data and released their predictions regarding where the construction industry is headed in 2015. Here are some highlights from industry analysts.
AGC of America Economist Ken Simonson took a look back at 2014. In a recent release, Simonson cited a report from the Department of Labor which confirmed 37 states and the District of Columbia added jobs between October 2013 and October 2014. The association’s chief economist noted, “These year-over-year and one-month changes show that construction is doing well in most of the country. Yet, the list of states that have added construction jobs varies from month to month, showing that the industry’s recovery remains vulnerable to worker shortages and unfavorable governmental actions.”
Houston was the fastest growing U.S. city in 2014, according to Forbes Staff Writer Erin Carlyle. The oil industry metropolis was the site of $25.1 billion in new construction in January though September, an increase of 176% year-over-year. Other cities in the top five for new construction were:
- New York: $23.3 Billion, a 36% increase
- Dallas: $10.8 Billion, a 3% decline
- Washington D.C.: $9.5 Billion, a 13% increase
- Los Angeles: $7.7 Billion, a 9% increase
CMD, formerly Reed Construction Data @CMD_GroupLLC
CMD provides a more visual look at current and future construction across the nation in their Expansion Index. The interactive map identifies the hottest metro areas, as well as those that are static or in decline. See where your town ranks on the Expansion Index.
Dodge economists expect 2014 construction growth to be approximately 5 percent over 2013. For 2015, they are decidedly more optimistic, forecasting construction spending will climb 9 percent year-over-year.
Associated Builders and Contractors @ABCNational
Forecasters for ABC also see positive things in store for construction. “ABC forecasts nonresidential construction spending will expand by roughly 7.5 percent next year,” according to ABC Chief Economist Anirban Basu.
Despite mixed predictions, the general consensus suggests 2015 will be a year of solid growth for construction.