Even Modest Infrastructure Investment Could Send Commercial Construction Outlook Soaring
Speaking to attendees of Viewpoint’s “Connected Construction at Work” virtual conference on May 18, Steve Jones, senior director, Industry Insights Research at Dodge Data & Analytics, foresees a largely promising future for the construction economy – one that could be even brighter if Congress passes even a scaled back version of President Biden’s proposed infrastructure spending proposal.
Dodge Data expects construction starts to bounce back this year and next from a 9% decline in 2020 brought on by pandemic influences – what Jones describes as a “blip” compared to the steep double-digit drops of the Great Recession. U.S. total construction starts are forecast to be up 4% in 2021, moving from $778 billion to $810 billion, before climbing another 8% in 2022 to $877 billion and surpassing even the 10-year high point of $856 billion in 2019.
Outlook by Sector
ACBM staffSome sectors of the construction economy will see greater gains than others. According to Jones,…