NSCA has announced an update to its biannual Electronic Systems Outlook report for Summer 2023, including new construction outlook information for United States and Canada based on actual data from Q1 and Q2 of 2023 as well as a forecast for the remainder of 2023, 2024, and beyond.
Overall, total U.S. engineering and new construction spending is forecast to end 2023 up 3 percent compared to up 11 percent in 2022. Spending in reported target nonresidential building segments –corporate, education, government, healthcare, houses of worship, lodging, manufacturing, and retail — is forecast to end 2023 up 15 percent from 2022, compared to up 13 percent between 2022 and 2021.
The Summer 2023 edition, the Electronic Systems Outlook report provides an updated view of:
— Top markets for renovation and new construction
— New construction forecasts for 2023 and beyond
— In-demand technologies and where that growth is occurring
— Focused sales approaches
— New business opportunity potential
“Strong, double-digit investment growth in target building segments, including lodging, manufacturing, and retail, could drive increased spending through 2023,” says NSCA executive director Tom LeBlanc. “For the first time in many years, no targeted segments are predicted to have a ‘down’ year. Instead, nearly all are expected to realize investment growth exceeding 4 percent, which outpaces historical rates of inflation by year-end.”
Because new construction is a leading indicator of the future business climate for integrators, NSCA has followed and reported on industry conditions for more than two decades. The Electronic Systems Outlook report was initially established as a response to member questions about market conditions and trends, outlining vertical market outlooks, construction outlook summaries, and technology/systems outlooks in specific markets.
The report is available here as a free download for NSCA members.
