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Construction Industry Forecasting

Which areas of construction are projected to see growth this coming year?

As we discussed before, housing starts and oil & gas are likely to be one of the leaders of growth for 2014. To hammer home the importance of oil & gas to the U.S. economy, an International Energy Agency report released last year predicts that the U.S. will become the largest global oil producer by around 2020, become net energy self-sufficient later that decade, and advance into net oil exporter by 2030.

This greater energy availability will decrease production costs and provide a boost to the manufacturing sector, which will lead to increased production, employment and construction.
answer provided by Nathan Medcalf

The consensus forecast from nine construction-industry economists is for total U.S. construction-spending growth [to be] in the high single digits each year through 2017. Associated General Contractors’ Chief Economist Ken Simonson expects key drivers to shift slightly, with the industry depending a little less on single-family housing as nonresidential construction is lifted by power construction.

This power construction is expected to be supported by growth in oil & gas development and work on ports, warehousing and other private transportation-related construction necessary for the shipping industry to accommodate larger ships coming through the expanded Panama Canal.

Architecture billings (per the American Institute of Architects’ Architecture Billings Index) have grown consistently over 18 months in the residential, commercial/industrial and institutional sectors. The index consistently indicates construction activity eight months to a year in advance. Billings related to commercial/industrial construction have accelerated fastest since the first of 2013, and the AIA consensus forecast expects commercial construction to grow 11.5 percent and industrial spending to grow 6.3 percent in 2014. 
answer provided by Larry Stewart

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An Oshkosh Corporation Company