Construction Spending to Decline in 2021: AIA

Denise Gillin Uncategorized

By Gail Kalinoski for Commercial Property Executive

Nonresidential construction is expected to decline by 5.7 percent this year, according to a consensus forecast from the American Institute of Architects. Sectors like hotels, office and amusement and recreation are being hit the hardest as the U.S. tries to slowly recover from the COVID-19 pandemic. Health care and public safety are the only two major sectors in the AIA Consensus Construction Forecast projected to see slight increases—up 1.2 percent and 1.0 percent, respectively—in construction spending in 2021.

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