RICOP Construction Blog The 2014 Commercial Construction Forecast

Generally in the year 2014 there is expected to be a 9% increase in the commercial construction industry.Details of the 2014 commercial construction forecast.1. HousingThe forecast indicates that the housing industry will have a 19 % increase on housing starts bringing the starts to 1.15 million units. This is a high growth rate as it is two times the numbers that were obtained in 2009. It is the first time that the number will pass the million mark since 2007.From the 2014 forecast on the housing industry it is expected that single family housing will grow by 24% which will bring housing starts at 78,500 which is very close to a million. It is expected that multifamily housing starts will continue to improve and will reach 365,000 starts.2. Commercial SectorThe commercial sector is also expected to have an upward trend in 2014. It is expected that the commercial sector will experience a modest increase thus improving to 568 million square feet. It is expected that the warehouses and hotels will lead this sector while offices and stores construction will present increases in new facilities.3. Institutional Building.This sector has been adversely affected by lack of government funding and it is expected that the sector will have a 7% increase which is 275 million square feet.4. Manufacturing Buildings.This sector is expected to be largely controlled by high technology facilities such as manufacturing plants. There is an expected 8% increase in this sector in terms of square footage and dollars.5. Public Works and Utilities.There is bad news in this sector as the sector is expected to be slowing down. It is expected that this sector will have a 5% reduction. The reduction is due to government restraints and economic challenges. The electric sector is expected to record a 33% drop in the 2014 forecast report.