From the middle of Q1 2016 to the end of Q3 2016, construction spending will register an annual growth rate of 20%, but due to the dips at the beginning and the end of the year 2016, total construction spending growth will come in at 10%.
Construction spending may reach historic growth in 2016. We are currently near the most active three-year period of construction growth in more than 20 years, and it has been going on since 2013.
In its January 2016 Construction Economic Report, Gilbane forecasts total construction spending will increase 9.7% in 2016. Spending could reach a total 30% growth for the three years from 2014 to 2016. The only comparable periods in the last 20 years are 29% from 2003 to 2005 and 27% from 2013 to 2015.
Nonresidential buildings spending is forecast to grow 13.7% in 2016 and the three-year total growth could reach 40% for 2014 to 2016. The only comparable growth periods in the last 20 years are 40% in 2006 to 2008 and 32% from 1995 to 1997.
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