Nonresidential Building Spending to Decline Through 2021
Slowing demand at architecture firms last year is expected to contribute to a projected 5.7 percent decline in construction spending for 2021, according to a new consensus forecast from The American Institute of Architects (AIA).
The AIA Consensus Construction Forecast Panel—comprised of leading economic forecasters—expects steep declines this year in construction spending on office buildings, hotels, and amusement and recreation centers. Health care and public safety are the only major sectors that are slated to produce gains in 2021.