Dive Brief:
-
Construction in manufacturing will outpace building in all other industries this year, construction sector consultant FMI predicted in a forecast that estimated growth of 5% in 2015.
-
Building in the manufacturing sector will increase 17% in 2015, following a 15% growth spurt last year, the outlook showed. On its heels is commercial construction, which is expected to grow 13%. Other industries that will likely increase their construction activity are amusement and recreation; office; and residential.
-
But FMI predicted “a sharp slowdown” for construction of power facilities — down 5% for the year, after an 11% gain in 2014. Other slower sectors include churches and prisons.
Dive Insight:
The FMI forecast is lower than its first-quarter prediction that the industry would grow by 8% this year, but the pace of construction put in place remains at its highest level since 2008.
Although the pace of building has moderated overall, “construction spending continues to build on the rapid growth experienced in the industry last year,” Chris Daum, FMI’s senior managing director, said in a release.