As a whole, the commercial construction industry noticed an increase in new building activity throughout much of 2014, and positive momentum is expected to continue through 2015. The Associated Builders and Contractors (ABC) predict a continued rebound for the U.S. commercial and industrial construction industries this year. This is particularly true in segments related to U.S. energy and industrial production, according to a recent NRCA feature (“ABC forecasts continued construction industry growth in 2015”).
Specifically, ABC expects nonresidential construction spending to grow by approximately 7.5 percent in 2015, driven primarily by power, lodging, office space and manufacturing.
“Contractors should continue to experience a lengthening backlog,” said ABC Chief Economist Anirban Basu, quoted by the NRCA, “and the industry should continue to see increases in nonresidential construction spending and employment growth.”
Confirming this optimistic scenario, the American Institute of Architects (AIA) predicts that spending in non-residential construction will grow by approximately 8 percent this year, slightly upping the ante on the ABC forecast. According to the AIA, hotel and retail projects will lead the growth for commercial construction projects, followed by office buildings and industrial facilities.
As spending grows for the commercial construction industry, more workers will be needed on the jobsite – and new employees mean training efforts to maintain quality work. To assist with training and education, Genflex offers training programs with its authorized distributors and licensed contractors, keeping them up to speed on the newest technologies and best roofing practices. Additionally, the NRCA also offers an ongoing series of in-person courses, training materials and other resources for both residential and commercial construction.
Check out our wrap up on the construction industry in 2014 in our previous blog post, Construction industry looking to gain momentum in 2015.