The DC/Maryland/Virginia (DMV) region is expected to see growth level out over the next 12 months before kickstarting again with a 5% increase in construction in 2020.
This comes as welcoming news for our area, despite the overall census according to Daniel Pomfrett, MRICS, National Director of Forecasting and Analytics.
“Pressure from multiple economic factors is continuing to curb U.S. construction growth, as the domestic economy shows signs of slowing. U.S. GDP actually increased in the first quarter with a growth rate of just over 3%, but the remainder of the year will likely prove more challenging, with an expected overall growth rate of 2.3%. The slowdown is expected to continue in 2020, with the rate forecasted to dip to 1.8%”
The data collected from this same Construction Market Analysis also stated:
“Despite an initial expectation that construction volume across the U.S. will increase at a fairly modest pace for the next two years, forecasts have dropped with an expected contraction in overall growth of 1.2%, followed by a 0.3% gain in 2020, which will then be wiped out in 2021 (all figures are baselined at 2012 nominalized dollars). With the exception of education (+5.1%) and infrastructure (+1.7%), all key sectors are expected to see a reduction in volume in 2019. The residential and commercial sectors appear to be leveling off after four years of robust growth through 2017, with the former expecting a resurgence in 2020 and 2021. Interestingly, this will make residential the strongest sector at that time.“
With such anticipated growth on the horizon for the Northern Virginia and Washington DC Area, this will no doubt offer plenty of opportunities for skilled contractors like King General Contracting to tap into the vast amount of industry projects to come.
For more information feel free to visit source: https://ccorpinsights.com/regional/washington-dc/
