What’s on the rise for construction in 2015? That would be commercial construction and going green. This year, 58% of building activities are expected to focus on saving energy and the environment. With more corporations looking to sell their brand more creatively, there is a greater demand for renovations as well as the complete, ground-up construction of new facilities. In 2015, we are sure to see an upsurge in shopping mall renovations and new restaurant construction along with healthcare, amusement and recreation, and corporate office facilities.

The growth for retail construction is projected to be 10.4%, up 3% from 2014. In the previous year, a handful of retail and restaurant owners accumulated new venues as well as replaced existing stores with fresh, brand worthy stores. More and more business owners are marketing their storefronts through creative commercial construction. In regards to the restaurant industry, consumers are returning to all types of dining: fine, fast casual, and fast food. This means that ground-up construction projects for new and old dining facilities are on a steady incline.

With the public’s growing interest in entertainment, amusement and entertainment facilities are expected to make a comeback since their prime in 2008. Amusement and recreation construction projects put in place will reach 6.6% growth and total about 15 billion dollars, which is about 4% of total commercial construction to take place in 2015. Along with this, shopping malls will also encounter renovations to include amusement and entertainment aspects inside of their facilities. For example, malls will restore existing theaters and bowling alleys as well as build new entertainment amenities.

Office buildings and health care facility construction is projected to rise in 2015. According to the National Association of Realtors, net absorption of office space in the US is likely to total 50.0 million square feet, up 5.4 million square feet from 2014. That’s about 5 million square feet of office building construction to be accounted for!

Health care facilities will also see a resurgence; the growth forecast for health care facilities is 6.6% in 2015 as opposed to -1.8% in 2014. Construction in health care facilities will total about 42 billion dollars, nearly 11% of total commercial construction.

While the majority of commercial construction seems to be growing consistently, manufacturing plant construction is expected to take a turn for the worse and fall 16%. However, experts foresee that the tides will eventually turn, and plant construction will return to steady growth in 2016 and 2017.

Overall, commercial construction should see an 8.0% rise in growth in 2015 compared to 4.9% in 2014 at a grand total of approximately 400 billion dollars. Since its sharp decline in 2006, construction is finally growing as a portion of GDP and should reach 6% by the end of 2015. Actually, 1.2 trillion dollars is the projected total construction spending. With markets becoming increasingly competitive, construction is rising to meet the needs of facilities nationwide. From renovations to new construction erections, there is sure to be plenty of opportunities in 2015.
– Sara Isbell