--- title: Opportunities and Risks in the Nonresidential Construction Space description: How can businesses find opportunity and protect against downside risks within the nonresidential construction space? image: https://blog.itreconomics.com/hubfs/itr-TR-construction-01-1.jpg --- Solutions # Opportunities and Risks in the Nonresidential Construction Space How can businesses find opportunity and protect against downside risks within the nonresidential construction space? [ Eric Post ](https://blog.itreconomics.com/blog/author/eric-post) May 12, 2023 --- US Total Nonresidential Construction is on a tear. The $923 billion spent over the last 12 months is a record high.  With the data trend up 11.8% from one year ago, we are seeing the fastest pace of growth since before the Great Recession. Yet, the news is fraught with snippets about rising commercial real estate risks and talk of recession. To compound matters, firms are sometimes struggling to find labor, grappling with rapidly changing material prices, and dealing with higher interest rates. What do you need to know, and what can you do? The key is to understand that spending on nonresidential construction projects lags the US economy by about a year and lags US Single-Family Housing Starts by about two years. Our forecast for slowing growth to take hold late this year in US Nonresidential Construction is predicated on these relationships. Slowing growth will extend into the middle of 2024 before giving way to decline in the latter part of 2024 and into 2025. However, this impact will be far from even when it comes to geographic areas and specific segments of overall nonresidential construction. Tune in to our June webinar to learn more about these trends, as well as the business actions we are recommending you consider as you strive to maximize profits and reduce risk. We will examine the overall nonresidential construction space from a myriad of angles: by geographic market, by vertical market, new construction vs. remodeling, and vacancy rates. The focus will be on where the opportunities are greatest as well as on the risks that will require careful management on the part of business owners in this sector.    This special edition webinar recording is an Insider™ member exclusive! Learn more and sign up today to receive this complimentary recording in late May. [![Sign up](https://no-cache.hubspot.com/cta/default/4424930/1a7f1676-6521-40cc-a9c2-16b55fbf28ad.png)](https://cta-redirect.hubspot.com/cta/redirect/4424930/1a7f1676-6521-40cc-a9c2-16b55fbf28ad)   [![June Webinar](https://blog.itreconomics.com/hs-fs/hubfs/June2023_Webinar.png?width=731&height=383&name=June2023_Webinar.png)](https://itrondemand.com/store/product/opportunities-risks-nonresidential-construction-space)   [Solutions](https://blog.itreconomics.com/blog/tag/solutions) [Industry Updates](https://blog.itreconomics.com/blog/tag/industry-updates) ## Similar posts Solutions ### [Changes in Supply, Sourcing, and Perceptions for 2021-2022](https://blog.itreconomics.com/blog/supply-sourcing-perceptions) Join ITR CEO Brian Beaulieu and President Alan Beaulieu on October 21, 2020 at 3 pm EDT for a 90-minute overview of key supply chain and onshoring... ITR Economics Oct 9, 2020 Solutions ### [3 Things to Consider as You Navigate Toward and Through 2022](https://blog.itreconomics.com/blog/navigate-toward-through-2022) 2022 is not going to be a replay of 2021. Business leaders need to be aware of shifting trends so they can properly interpret them and plan for them. Brian Beaulieu Aug 16, 2021 Solutions ### [Labor Supply and Wage Trends Through 2025](https://blog.itreconomics.com/blog/labor-supply-wage-trends) Join ITR CEO Brian Beaulieu and President Alan Beaulieu on Dec. 16, 2021 at 2:30 pm EDT for a 60-minute overview of labor supply and wage trends. ITR Economics Nov 9, 2021 ### Free Economic Updates from ITR Economics Hear the latest economic news from our experts, stay in the know with our frequent blogs, and get a first look at ITR Economics’ latest promotions – all free with our economic updates! Join our email list today to receive these insights. ```json { "@context" : "https://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Person", "name" : "Eric Post", "url" : "https://blog.itreconomics.com/blog/author/eric-post" }, "dateModified" : "2023-05-12T12:00:00.551Z", "datePublished" : "2023-05-12T12:00:00.000Z", "headline" : "Opportunities and Risks in the Nonresidential Construction Space", "image" : [ "https://blog.itreconomics.com/hubfs/itr-TR-construction-01-1.jpg" ], "mainEntityOfPage" : { "@id" : "https://blog.itreconomics.com/blog/opportunities-risks-nonresidential-construction-space", "@type" : "WebPage" }, "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "https://blog.itreconomics.com/hubfs/ITR%20Logo%20-%20Light%20Backgrounds-1.png" }, "name" : "ITR Economics" } } ```