AIA Consensus Forecast Predicts 2021 Decline for Nonresidential, 2022 Recovery
February 2, 2021
The AIA Consensus Forecast, an economic report compiled by the American Institute of Architects and based on eight industry-related economic forecasts, predicts a mid-single digit percentage decline in 2021, but a healthy recovery in 2022. The decline in construction spending this year is projected to be just under 6 percent, with a steeper 7 percent decline for commercial facilities, 4.5 percent for industrial buildings, and 4 percent for the institutional sector. Next year is projected to return to growth, with 3 percent gains in the overall building market in 2022 matched by both the commercial and institutional sectors, according to the report.