UPDATE: State of the Construction Industry
In general, things are looking positive for the construction industry as it continues to grow.
According to Dodge Data & Analytics, in December, the value of construction starts was up 12% from the previous month. Overall, 2017 saw an increase of 3% for total starts. Dodge & Data Analytics tracks nonbuilding construction, nonresidential construction and residential construction. All three of those categories showed growth in December but nonbuilding construction had the highest growth. We may see that increase even more as the government plans to roll out a plan to repair and replace roads and bridges throughout the nation.
The American Institute of Architects (AIA) is also reporting projected growth in the construction world. The AIA projects nonresidential construction to grow 4% in both 2018 and 2019. They expect nonresidential commercial construction to drive that growth in 2018 and expect industrial and institutional construction, including education-related projects, to lead the growth in 2019. Similarly, Cushman & Wakefield’s research projects 12 million square feet of new office space in Manhattan alone over the next two years. In large part, this growth comes from the need to rebuild after the 2017 natural disasters, which we, of course, saw here in Florida.
Great news for the construction industry! We look forward to seeing this growth continue here in Florida over the next two years!