We want to share the 2017 Construction Forecast produced by Procore Technologies, Inc., a provider of construction management software, with you. Procore looks at many indicators to forecast construction trends including information provided by the American Institute of Architects (AIA), Associated General Contractors of America (AGC), ConstructConnect, Oxford Economics, as well as the Equipment Leasing and Finance Foundation. The bottom line is that Procore projects growth in 2017 in the following sectors of the construction industry:

• Commercial: 6.5% (over 2015 numbers)
• Single Family Residential: 10%
• Multifamily Residential: 5.6%
• Retail: 3%
• Lodging/Hotel/Motel: 2%
• Amusement: 7.5%
• Private Office: 15%
• Government Office: 6%
• Hospital/Healthcare: 9%
• Warehouse: 4%
• Education: 6.5%
• Manufacturing: 11%
• Civil/Engineering/Heavy: 5.1%
• Road: 5.4%
• Bridge: 7%  

Procore projects a moderate increase in highway construction. Much of this depends on how focused President Donald Trump’s Administration will be on infrastructure, as well as setting policy on how to fund projects such as tax incentives, bond issues, ballot initiatives, and increases in public private partnerships. The 2017 Construction Forecast is available on our website. Click here to read it.

We are happy to discuss the points outlined in the 2017 Construction Forecast with you and how your business may be impacted. Feel free to contact either myself ([email protected]/732.341.3893) or Marty McCarthy ([email protected]/610-828-1900).  

Disclaimer: This article is for informational purposes only and does not constitute professional advice. Information contained in this communication is not intended or written to be used as tax advice, and cannot be used by the recipient to avoid penalties that may be imposed under the Internal Revenue Code.  We strongly advise you to seek professional assistance with respect to your specific issue(s).