AIA Northern Virginia
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Update on 2020 Projections for the Nonresidential Construction Industry
Posted Friday, April 24

While 2020 was initially projected to be a year of modestly slow growth for nonresidential building activity, significant declines are now expected due to the impact of the COVID-19 pandemic. In the last full Consensus Construction Forecast survey, conducted in December 2019 of eight leading industry forecasters, the panelists predicted an average of 1.5% growth in nonresidential construction spending in 2020, from the 2019 total of $452 billion.

A survey conducted of the same forecasters during the week of April 6 revealed a much more pessimistic outlook. The small projected growth for 2020 has now been revised down to an 11% decline, with the sharpest decline predicted to occur in the commercial construction sector. While slight 0.6% growth was originally forecast for 2020, it has now been revised down to a loss of 14%. Institutional construction spending will also be hard hit, although not quite as seriously as commercial, with losses of 7% now projected, versus 2.9% growth predicted in December.

Additional information can be found on the AIA website.


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