A recent wave of data from the Economics and Market Research group at the American Institute of Architects (AIA) offers hope for something more than a temporary bounce in nonresidential construction.
The monthly “work on the boards” survey of architecture firms on nonresidential construction came in at a reading of 52.0 in December, the same figure as in November. Any reading above “50” indicates an expanding market.
“This is very good news for the design and construction industry and it’s entirely possible conditions will slowly continue to improve as the year progresses,” said Kermit Baker, PhD, chief economist at AIA.
Twice each year, AIA rounds up forecasts from the major industry sources on the future of nonresidential construction, and releases an “industry consensus” number. In a recent news release, the projections are +2.1% in 2012 and +6.4% in 2013.
AIA also recently released its report on the contents of its “stalled projects” database. After roughly three months, the database contains 36 projects which, if combined, would be valued at $1.2 billion.
AIA claims that, if they were all financed, those 36 projects would create 28,000 construction jobs.
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