The use of cold-formed steel framing will continue to play a major rule in the non-residential construction industry – at 5.6% increase is expected in 2017 for the total overall non-residential construction industry (consensus forecast). After a strong 2015, there is a growing sense that the construction industry expansion will be more tempered over the next eighteen months. However, continued demand for hotels, office space, and amusement and recreation spaces will ensure continued growth in the overall construction spending market over this time period.
The American Institute of Architects’ (AIA) semi-annual Consensus Construction Forecast , a survey of the nation’s construction forecasters, is projecting that spending will increase less than six percent for 2016, with next year’s projection being an additional 5.6% gain.
“Healthy job growth, consumer confidence and low interest rates are several positive factors in the economy, which will allow some of the pent-up demand from the last downturn to go forward,” said AIA Chief Economist, Kermit Baker, PhD, hon. AIA. “But at the same time, the slowing in the overall economy could extend to the construction industry a bit – with the biggest drop off expected in the industrial facility sector over the next year and a half.”