Construction boom forecast by AIA

Construction boom forecast by AIA

A substantial growth in construction projects across the world has been forecasted as the global economic situation continues to improve.

The American Institute of Architect’s Consensus Construction Forecast predicted that non-residential building activity this year will improve by 5.8% and commercial facilities activity will see a double-digit gain.

AIA predicts the upward trend will continue through 2015 with spending increasing 8% overall and 6% for institutional buildings. The AIA’s Architecture Billings Index has risen during the last 16 months, due largely to the residential sector.

The GCC remains one of the hotspots for development, especially Dubai as a result of the Expo 2020 successful bid, although the International Monetary Fund has recommended large scale projects be phased in over the coming years, rather than all started at once.

A total of 589 hotels are also currently under construction in the Middle East and Africa.

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