It's that time of the year when the economic forecasters release their predictions for the next year. One of my favorite economists is The Associated Builders and Contractors (ABC) Chief Economist Anirban Basu. In Basu's ABC forecast, he sees a steady and ongoing economic recovery for the U.S. commercial and industrial construction industries in 2015. Basu believes the industry recovery in 2014 should continue in 2015, with momentum especially growing in segments closely related to the current American energy and industrial production resurgence.
“ABC forecasts nonresidential construction spending will expand by roughly 7.5 percent next year,” said ABC Chief Economist Anirban Basu. “The segments that will experience the largest growth in construction spending in 2015 include power (e.g. natural gas-related construction), lodging (leisure and business spending), office space (professional services employment creation) and manufacturing (rebounding industrial production).
“The public sector will see far more sluggish growth in construction spending,” Basu warned. “However, this fits a multi-year pattern with private nonresidential spending exceeding public nonresidential spending by 28 percent in 2014, up from 15.6 percent in 2013.
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