Retail construction forecast looks bright

There's some good news in a survey from the Association of Retail Environments on construction in the retail sector: Spending on new projects and renovations in North America will rise 10% in 2015, the sixth straight year of industry growth.

The report, from the Hollywood-based nonprofit association, stems from a survey of 750 members and ARE research. “Based on guidance from ITR Economics, ARE's economic adviser, we are now expecting the next several years to be strong for the industry as a whole,” ARE Executive Director Todd Dittman says in a release.

The optimism, in part, is based on a stronger-than-expected economic recovery in the United States. New and unfilled product orders are on the rise, for example, and employment gains and consumer spending is healthy, the report states. The report also cites an improvement in non-residential construction. The 10% industry growth forecast from ARE, according to the release, is consistent with a similar report from the American Institute of Architects, which projects 10.4% growth in retail construction this year.