The economy started out the first quarter of 2016 in good shape, as energy and commodity prices stabilized at reduced levels. This led to more construction activity nationwide, with average prices coming in at an annual escalation rate of around 6 percent, depending on location. Construction job growth and dollar volume both continued upward trends as non-residential construction spending rebounded 48 percent from its most recent bottom in 2011. On balance, current indicators support stable construction growth over the short-term.

STEM facilities built in the 1960s and 1970s aren’t up to hosting today’s science, and universities across the nation are wrestling with the question of how best to move forward. Building a new science facility isn’t always an option, due to funding limitations, insufficient swing space, or lack of administrative or political support. Fortunately, in-place transformation projects can often deliver a revitalized STEM environment for a significantly lower cost, if you begin with a solid roadmap, evaluate the building’s “bones,” and don’t underestimate your power to transform a building.

The U.S. economy continued growing at a healthy rate in 2015, adding approximately 221,000 jobs per month over the year. Wage and profit increases in the construction sector are expected to pull new entrants into the labor force with some restructuring from other sectors of the economy, for example energy and exports. Construction prices increased nationally, trending toward 8 percent, depending on location.

Construction Costs