As we approach the 4th quarter of 2016, we start preparing and planning for 2017. In that effort, we have developed the 2017 construction forecast report with our consensus view of growth for 2017.
According to our consensus forecast, by the end of this year, 2016 construction starts will increase 4% overall. Residential will have the most growth with 8%, while non-residential will grow 4% and non-building will decrease 2%.
For 2017 construction starts, we predict slightly stronger growth of 7% overall. Residential will be even stronger at 10%, a reflection of single-family finally rebounding and multi-family maintaining growth. Non-residential will have strong institutional growth with education growing 7%. Commercial is expected to grow 6% with office leading at 8%, given the stronger job market. Overall non-residential is predicted to grow 6%. Non-building, on the other hand, will grow 2% with a slight uptick in transportation and continued contraction in infrastructure.
Geographically in 2017, the Northeast and West are the key regions of growth with West Virginia, Virginia, Mississippi and Arizona leading the expansion. The three largest MSAs in terms of construction starts spend, New York, Houston and Dallas, will grow 12%, 7% and 10% respectively.
The interactive map below lets you view and filter the construction start growth forecast by region and state so you can see which areas are strong, healthy, stable or declining.
Overall 2017 should be a continuation of the current construction expansion we are experiencing in the U.S. and should be a good year for construction.
For more details download our 2017 U.S. construction forecast report.
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Although the contents contained herein are provided under the highest professional standards in the generation of these forecasts, CRH Americas, Inc. and its Affiliates do not guarantee the accuracy or completeness of any information contained herein. CRH Americas, Inc. and its Affiliates specifically disclaim all warranties, expressed or implied, with respect to the use of this information or any results with respect thereto. In addition, the information contained herein shall in no way be construed to constitute a recommendation by CRH Americas, Inc. with respect to the purchase or sale of any investment, security or its derivatives or any other property or asset.
