The 2013 forecast for construction-put-in-place is up 8 percent―$918 million―over 2012, according to consulting and investment firm, FMI. Even with the strong improvement, however, FMI does not expect annual construction to go above the trillion-dollar mark until 2015.
Residential buildings have shown the biggest improvement. While the single-family sector grew 23 percent in 2012, multifamily construction improved 47 percent last year, and FMI expects it to increase another 31 percent in 2013.
Commercial, lodging and office construction are also starting to pick up, with FMI making the following nonresidential construction predictions, by sector:
•Lodging: After three years of steep declines, the market for lodging construction came back a strong 25 percent in 2012, and FMI expects another 10 percent growth in construction-put-in-place for 2013.
•Office: Office construction is finally showing a solid, but slow, turnaround with 5 percent growth in 2012 and another 5 percent increase expected in 2013.
•Commercial: Commercial construction continues into its third year of good growth, moving up 8 percent in 2012. It is expected to grow another 7 percent in 2013, reaching $50.3 billion.
•Healthcare: Healthcare construction was moderate in 2012, growing only 3 percent, but FMI expects it to pick up 8 percent in 2013.
•Manufacturing: Manufacturing construction increased 17 percent in 2012. It will continue with another 6 percent increase for 2013 through 2014.
•Power-related: Construction for the power market grew 9 percent in 2012 and will continue to grow between 8 percent and 9 percent through 2017, according to FMI.