Industry experts were very optimistic coming in to 2015 based on strong commercial construction in 2014. But did the first quarter of the year hold true to predictions, or did the industry see an unexpected downturn of activity?
Fortunately for much of the commercial construction industry, the quarter saw an upward tick. “When you compare and contrast where our economy stood prior to the 2008-2009 crisis, you realize how far we have come and how far we still need to go,” according to the magazine article 2015 Construction Outlook: An Economic Recovery Finds Its Footing.
Moving into 2015 Building Design + Construction cited New York, Dallas, and Houston to the top three positions respectively for future commercial construction projects, with Tampa, Baltimore, and San Jose experiencing a strong boom in commercial construction as well.
For the rest of 2015, experts expect the majority of the regions in the United States to see good growth for commercial construction projects, but they anticipate exceptional growth in the South Atlantic, Southern Plains, and Mountain States regions, according to Construction Dive.
It isn’t just the United States that is experiencing growth in the commercial construction sector. Around the globe, the industry is expected to see growth through 2020. “The global construction industry has regained growth momentum, with the pace of expansion accelerating from an annual average of 2.7 percent a year during 2011 to 2013 to 3.1 percent in 2014. With forecasters predicting a further rise to 3.8 percent in 2015, and then an average annual increase of 3.9 percent over 2016-2020,” according to Timetric’s Construction Intelligence Center.
For a more in depth look at how 2014 wrapped up, check out our blog post, Construction Industry Ends on a Strong Note.
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