AIA Consensus Forecast Predicts 2021 Decline for Nonresidential, 2022 Recovery

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.