National economist for the Associated General Contractors of New Mexico, Ken Simmons, said the forecast isn’t great for the construction industry in the near future, reports Albuquerque Business First staffer Stephanie Guzman-Barrera.
In 2017, almost every type of construction is expected to grow slower.
Nationally between 2014 to 2015, construction saw a 7% growth. This year, the forecast is between 4 and 10% growth. But Simonson said 2017 will fare worse, with growth expected to fall between 2 and 6%.
"It's flattening out," Simonson said, referring to both construction spending and employment.
Construction of new hotels was up 30% in 2015 and is expected to be up 26 percent this year. Next year, Simonson predicts growth will be flat.