NSCA has updated its biannual Electronic Systems Outlook report for Summer 2023. It includes 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% compared to up 11% 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% from 2022, compared to up 13% between 2022 and 2021.
[NSCA to Honor Passionate Leaders with the John Greene Mentorship Award]
The information in this report helps integrators adjust their sales and marketing strategies. Understanding the most recent construction put-in-place totals helps them stay on top of slowdowns, recoveries, and market/geographic changes.
“Strong, double-digit investment growth in target building segments, including lodging, manufacturing, and retail, could drive increased spending through 2023,” said 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%, which outpaces historical rates of inflation by year-end.”
[AV Network's top stories, product news, and expert insights]
Knowing that new construction is the best 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.
