Total construction put in place for 2014 will be $62 billion greater than last year, a 7 percent increase, according to the latest report from FMI. CPIP should finish this year around $972 billion and is expected to top $1.04 trillion in 2015.
Commercial and manufacturing construction are two of the largest growth sectors, accounting for more than $111 billion in new construction.
“With new and apparently sustainable sources of natural gas and shale oil, America is on the verge of a veritable manufacturing renaissance building petrochemical plants in the Gulf and gaining interest from more companies, especially foreign-owned companies, considering relocating manufacturing to America,” Randy Giggard, managing director of research services for FMI, said.
Lodging has experienced the largest percentage increase for CPIP in 2014. It is expected to finish the year 24 percent up from 2013, building on last year’s 25 percent increase. This sector now accounts for nearly $17 billion in CPIP.
FMI is a provider of management consulting, investment banking and people development services to the engineering and construction industry.