As the Economy Continues to Improve, Construction Economist Are Optimistic About the Future of the Industry

Published: Aug 11, 2014
Marina Bay construction site
Economic experts from a few authoritative construction association are expressing an optimistic opinion about the growth of the construction industry in 2014.

In particular, the Associated Builder and Contractors’ (ABC) Chief Economist Anirban Basu said that the US economy is expected to grow steadily in the next few quarters, which “will lead to more robust recovery in the U.S. nonresidential construction industry, which has also been aided by stable materials prices and improving commercial real estate fundamentals.”

Kermit Baker, Chief Economist of the American Institute of Architects (AIA), is also optimistic, but thinks total industry spending will not make significant advances, unless the government increases spending on healthcare, education and public safety structures.

David Crowe, chief economist for the National Association of Home Builders (NAHB) is moderately optimistic about the growth of housing construction, but fears that “continued tight supplies of labor and land will put upward pressure on new home prices.”

Read the full article in Building Design+Construction.

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Victor Lance is the founder and president of Lance Surety Bond Associates, Inc. He began his career as an officer in the U.S. Marine Corps, serving two combat tours. As president of Lance Surety, he now focuses on educating and assisting small businesses throughout the country with various license and bond requirements. Victor graduated from Villanova University with a degree in Business Administration and holds a Masters in Business Administration (MBA) from the University of Michigan's Ross School of Business.