It’s been a great year for the construction industry, according to a recent report from FMI. The company found that there would be a 7 percent increase from last year, according to Contractor Magazine, which means total construction will be $62 billion greater than 2013.
FMI expects CPIP to finish the year at $972 billion, with an increase to $1.04 trillion next year. Commercial and manufacturing construction will account for approximately $111 billion in new construction, the company said.
“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.
Read more about the most recent report from FMI on Contractor Magazine’s website.