2014 A Better Year For Construction In Place Numbers
3/28/2015 | Construction Blog
According to the Raleigh, North Carolina based form FMI Corp., 2014 was a vastly better year than 2013 in terms of total construction in place (CPIP). The total for 2014 was $62 billion more – a 7 percent increase – than the year before. The gross number for 2014 was estimated to be around $972 billion. In even better news, the projected number for 2015 exceeds $1 trillion.
Construction in the commercial and manufacturing segments of the industry led the way in 2014. They came in at $111 billion in new construction. FMI attributed a great deal of this growth to the construction associated with the boom in energy production. It is leading to the need for more refineries and processing facilities, as well as opportunities for more manufacturing that relies on the energy sector to be profitable. A good deal of foreign investment is part of this growth.
Lodging, namely hotels, was the next largest growth segment. It increased b y 24% for the year. Since the basic dynamics of the economy have not changed substantially since the close of 2015, perhaps we are in for more growth in construction in 2015.