Written by John McGrath / July 20, 2019
New Economic Forecast Analysis
An INSTALL partner recently shared details from a report containing economic forecast information and construction spending. The report is internal and proprietary, but a summary of findings are included below.
- Total yearly construction spending in the United States is expected to increase by 5% in 2019 to $341 billion.
- 2020 will be a challenge, with construction spending dropping to $339 billion.
- Analysts anticipate stability in 2021 ($344B, a 1% increase) and 2022 ($359B, a 4% increase), followed by even better growth in 2023 ($380B, a 6% increase).
- Over a 5-year period, total yearly construction forecasts that spending will increase by a net 11% ($341B to $380B).
The key sectors driving growth this year are the education and corporate markets. Next year, however, it is anticipated that there will be drops in spending for the retail, corporate, and hospitality markets.
Over the coming five year period, the education sector’s yearly spending will increase by 16% ($99B / $115B), acute care will increase by 16% ($42B / $50B), corporate projects will see an increase in spending of 9% ($76B / $83B), the retail market will rise 7% ($92B / $99B), and hospitality will also increase 6% ($31B / $33B).
Current Regional Market Status & Forecast
Peaking
- Denver, CO
- San Francisco, CA
- Dallas, TX
- Nashville, TN
- Tampa, FL
- Pittsburgh, PA
- Portland, OR
- Boston, MA
- Salt Lake City, UT
- Atlanta, GA
- Austin, TX
- Fort Worth, TX
- Los Angeles, CA
- Charlotte, NC
- Orlando, FL
- Philadelphia, PA
- Raleigh-Durham, NC
- San Diego, CA
- Seattle, WA
- Jacksonville, FL
- Miami, FL
- Milwaukee, WI
- Minneapolis, MN
- Richmond, VA
- St. Louis, MO
- Phoenix, AZ
- San Antonio, TX
- Grand Rapids, MI
Rising
- Oakland, CA
- Columbus, OH
- Detroit, MI
- Long Island, NY
- Sacramento, CA
- Fort Lauderdale, FL
- Hampton Roads, VA
- Indianapolis, IN
- Baltimore, MD
- Louisville, KY
- Suburban Maryland
- Cleveland, OH
- West Palm Beach, CA
- Cincinnati, OH
- Hartford, CA
- Westchester, NY
- New Jersey
- Northern Virginia
Falling
- Chicago, IL
- New York, NY
- Washington, D.C.
Bottoming
- Houston
Department of Veterans Affairs Updates Master Specification
INSTALL regularly receives inquiries about the U.S. Department of Veterans Affairs Master Specification.
With the recent addition of the Resilient Sheet Flooring specification, the Master Specification is now even more valuable, because it compels USDVA floorcovering projects to be completed by INSTALL certified installers.
We have achieved USDVA Master Specifications covering the following flooring types:
- Resilient Sheet Flooring 09 65 16
- Resilient Tile Flooring 09 65 19
- Carpeting 09 68 00
- Athletic Carpeting 09 68 21
The Maser Specification stipulates that installers must have an INSTALL certification or equal. The full Master Specification and language of the Quality Assurance section for each specification is available here.
INSTALL continues to work with our partners to encourage the acquisition of USDVA work and utilize the benefits of these specifications. We are also working with UBC ICRA and the USDVA on the addition of ICRA certification to Master Specification, as well, which would open a new line of opportunity for UBC business partners.