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Construction spending expected to significantly slow down in 2024: AIA Report

a chart showing the change in Construction spending over time

While spending on nonresidential construction picked up momentum toward the end of 2022, construction spending will moderate in 2023 and significantly slow down in 2024, according to a new report from the American Institute of Architects (AIA).

Despite macroeconomic headwinds such as inflation, rising interest rates, and weak consumer sentiment scores, the AIA’s Consensus Construction Forecast panel, made of leading economic forecasters, is projecting nonresidential construction spending to grow 5.8 percent in 2023, but with a drop to under 1 percent in 2024…. (Click Here to Read More)