Nonresidential construction industry is growing in 2019

The 2019 Wells Fargo Construction Industry Forecast includes insight into current business conditions and trends and measures sentiment towards construction activity in the future, according to

Mark Vintner, managing director and senior economist at Wells Fargo Securities, predicted numerous industry segments will see increased spending this year including offices—6.8 percent; hotels—6.5 percent; airports—6 percent; highways, streets and roads—5 percent; heavy construction and civil engineering—4.5 percent; and seaports—4 percent.

The top concern of contractors is the ability to hire qualified workers, and many said this was their most significant risk factor.

Anirban Basu, chief economist for the Associated Builders and Contractors, has predicted the construction industry will see strong momentum through 2019 but factors like inflation, labor supply, tariffs and immigration policy could start impacting the industry as early as 2020.

Date : March 13, 2019