The Lighting Controls Association has published an article summarizing key construction economic indicators and presenting the AIA Consensus Construction Forecast for 2019, which predicts solid growth in an atmosphere of “cautious positivity.”
The U.S. economy grew by 3% in 2018, outpacing 2017, and is expected to moderate to 2.3% in 2019 and 2% in 2020, according to a forecast released at the Federal Open Market Committee Meeting on December 19, 2018.
A major contributor to the economy is construction, and the outlook for construction spending in 2019 overall is positive, particularly nonresidential. Similarly to the overall economy, however, this growth is expected to moderate in 2020. The AIA’s semi-annual Consensus Construction Forecast, a survey of the nation’s leading construction forecasters, is projecting 4.4% growth in nonresidential construction spending in 2019 and 2.4% in 2020.
Check it out here.
