Modest growth of 6% is expected to continue through 2015 for commercial construction. However, growth will slow to 5% in 2016 for a total of $60.5 billion.
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The Department of Commerce also reported non-store retailers were up 6.7% from last year. However, consumer confidence is fluctuating with the Consumer Confidence Index rising in August and dropping back down in September, according to The Conference Board. In addition, the retail sector is in the midst of change even though consumer spending is improving. The challenge is to be more responsive to customers and keep them coming back to the stores while finding ways to integrate online sales with storefronts. These challenges will require some new paradigms and reorganization. The holiday season for 2014 will be telling as to which way retail will move in the future. Look for increasing multi-use projects. Store remodeling may also rise, which will stall some new construction.
