Total construction put in place (CPIP) for 2014 will be $62 billion greater than last year, a 7 percent increase according to a recent report from construction and engineering consultant FMI. CPIP should finish this year around $972 billion and is expected to top $1.04 trillion in 2015.
Commercial and manufacturing construction are two of the largest growth sectors, accounting for more than $111 billion in new construction. Randy Giggard, managing director of research services for FMI says, “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.”
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.
To download a copy of the current Construction Outlook, click here. To receive the report on a quarterly basis, please email outlook@fminet.com. Contact Sarah Avallone for reprint permission at 919.785.9221 or via email, savallone@fminet.com.
FMI is the leading provider of management consulting, investment banking and people development services to the engineering and construction industry. FMI services all segments of the industry providing clients with value-added business solutions, including:
- Strategic Advisory
- Market Research and Business Development
- Leadership and Talent Development
- Project and Process Improvement
- Mergers, Acquisitions and Financial Consulting
- Compensation Benchmarking and Consulting
- Risk Management Consulting
