Firm anticipates 7 percent increase in construction next year

Researchers at FMI, a management consulting and investment banking firm to the construction industry, are predicting construction-put-in-place (CPIP) growth rates to be slightly ahead of the gross domestic product in 2014. FMI is specifically predicting construction put in place to reach $977 billion next year – a 6.8 percent increase over the $909.6 billion that’s expected to be in place by the end of this year.

FMI issued its prediction in its 2014 U.S. Markets Construction Overview. According to FMI, residential CPIP is anticipated to grow to $379.6 billion next year from $338.2 billion in 2013. Health care CPIP is expected to grow 6 percent next year; transportation construction is expected to slow a tad to 7 percent, from an 8 percent increase this year; and manufacturing construction is expected to grow 4 percent next year after taking about a 2 percent dip in 2013.