Construction boom forecast by AIA

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A substantial growth in construction projects across the world has been forecasted as the global economic situation continues to improve.

The American Institute of Architect’s Consensus Construction Forecast predicted that non-residential building activity this year will improve by 5.8% and commercial facilities activity will see a double-digit gain.

AIA predicts the upward trend will continue through 2015 with spending increasing 8% overall and 6% for institutional buildings. The AIA’s Architecture Billings Index has risen during the last 16 months, due largely to the residential sector.

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The GCC remains one of the hotspots for development, especially Dubai as a result of the Expo 2020 successful bid, although the International Monetary Fund has recommended large scale projects be phased in over the coming years, rather than all started at once.

A total of 589 hotels are also currently under construction in the Middle East and Africa.

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