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â€œThe nonresidential upturn should continue into 2007 and can be attributed to pent-up demand for new projects that weren't able to be undertaken in recent years,â€ said AIA Chief Economist Kermit Baker, PhD, Hon. AIA.
All major nonresidential sectors to benefit from improved business conditions, according to the report, and the significant upturn in demand for office space and hotel facilities will drive the commercial market. Educational and healthcare projects are also expected to see substantial growth this year, fueling the institutional sector. Additionally, post-hurricane rebuilding is projected to accelerate in mid-2006 and continue for several years.
â€œWe believe the AIA's forecast for accelerating growth in nonresidential construction activity in 2006 bodes well for construction-related companies,â€ said Robert W. Baird & Co., a senior industrial analyst at Michael A. Schneider, CFA. â€œIndeed, the bullish outlook is consistent with indications of strengthening demand from the construction services companies in our coverage universe. Furthermore, our contacts concur that the rebuilding process in the aftermath of recent hurricanes should enhance the nascent construction cycle.â€