Steep Decline Predicted for Nonresidential Construction Activity in 2009
Commercial sector to be hardest hit; lower building materials costs
"As profits for businesses have fallen and the ability to get credit to finance projects has become far more difficult, construction plans have been put on hold or canceled outright in recent months," said AIA Chief Economist,
Market Segment Consensus Growth Forecasts Commercial / industrial 2009 2010 Hotels -20.2% -12.2% Retail -19.2% -6.6% Office buildings -17.5% -11.1% Industrial facilities -11.2% -8.4% Institutional Religious -9.4% 1.4% Education -7.4% -1.9% Amusement / recreation -5.9% 1.0% Health care facilities -3.6% -1.9% Public safety -3.5% -1.9%
"The downturn in nonresidential activity has helped stabilize construction costs," Baker added. "For example, prices for steel, gypsum products, lumber and cement have all come down recently which makes taking on projects more attractive to developers."
About the AIA Consensus Construction Forecast Panel
The AIA Consensus Construction Forecast Panel is conducted twice a year with the leading nonresidential construction forecasters in
About The American Institute of Architects
For over 150 years, members of the American Institute of Architects have worked with each other and their communities to create more valuable, healthy, secure, and sustainable buildings and cityscapes. By using sustainable design practices, materials, and techniques, AIA architects are uniquely poised to provide the leadership and guidance needed to provide solutions to address climate change. AIA architects walk the walk on sustainable design. Visit www.aia.org/walkthewalk.
Contact: Matt Tinder 202-626-7462 email@example.com
SOURCE American Institute of Architects
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