Late last month, the AIA released a report indicating that nonresidential construction is projected to increase by approximately 5% this year. While the recovery of both residential and nonresidential construction markets continues to grow slowly, the indication that it is steadily increasing marks a sense of security or stability that owners are beginning to identify in the economy. In the commercial and industrial sectors, hotels are seeing the largest projected growth at 15.7%, with retail and office buildings hovering between a 7 to 8% growth rate. In the institutional sector, construction growth is projected to be highest in health care facilities, which is expected to rise by 4.4%, while public safety spending is expected to decline in 2013.
More on the report after the break.