During a joint press conference, chief economists from the American Institute of Architects, Associated Builders and Contractors, and the National Association of Home Builders announced that they predict continued industry growth in 2016 for the residential and nonresidential construction industry.
The nonresidential construction sector gained momentum over the last year and should continue to expand into 2016. The construction industry has benefited from increased stability stemming from low materials prices and greater certainty regarding federal budgeting and monetary policy, although a lack of appropriately skilled labor will remain a challenge for contractors. ABC predicts the nonresidential construction segment will experience 7 percent nominal growth in 2016. -Anirban Basu, ABC Chief Economist .
To learn more about their predictions, click here for the full press conference presentation.