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The Big Build

Things are looking up in the construction industry. Private nonresidential construction spending increased nearly 13% to $187.5 billion in the first seven months of 2014, according to Fitch Ratings, compared to just more than 1% last year. Through August, housing starts were up 8% from the prior year, according to...

By Michael P. Voelker | Updated on December 01, 2014

Things are looking up in the construction industry. Private nonresidential construction spending increased nearly 13% to $187.5 billion in the first seven months of 2014, according to Fitch Ratings, compared to just more than 1% last year. Through August, housing starts were up 8% from the prior year, according to the U.S. Department of Commerce.

“We are experiencing a material increase in projects in general,” says Matt Walsh, chief brokerage officer with Aon Risk Solutions’ U.S. construction practice. “We’re also seeing an increase in major, $1 or $2 billion projects, both civil and private—not just bridges and roads and tunnels, but corporate headquarters, manufacturing facilities and natural gas projects,”

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