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Major Construction Sectors Reported Growth

Healthcare, public infrastructure, and multifamily housing are reported to be the primary drivers of new construction.
Courtesy of AIA

For the second month in a row in December, construction has grown, according to Jennifer Riskus, AIA. It’s the first time that this has occurred since June and July of 2007. However, growth remains quite modest in most sectors, and may not yet be sustained.

While the Federal Reserve’s most recent edition of the Beige Book survey of regional economic conditions indicates that a modest expansion continued in November and December, it also reports that residential real estate markets remain weak, and that commercial construction is slow. However, commercial leasing is on the rise in the Richmond, Chicago, Minneapolis and Kansas City districts, and while vacancy rates remain high overall, they are beginning to decline in the Kansas City and New York City districts.

State, county and city work is still depressed with only small county project opportunities. There is a noted increase in activity related to university pursuits, but the number of RFQ respondents is still high, according to a 42-person firm in the South.

– Courtesy of AIA

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December 11, 2019, 1:14 pm PDT

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