Commercial construction industry shifts away from new office
buildings and hospitality facilities, group says
The Chicago-based group said in a November 14
statement that it is responding to increasing demand for buildings that support
the distribution industry, data centers, chips and battery plants, and
healthcare facilities.
In the past decade,
the need for new office buildings and hospitality facilities has slowed while
the demand for data centers has grown exponentially. STI said. That makes a
difference to steel producers because distribution and data centers, chip and
battery plants, and healthcare facilities require more and larger steel conduit
than office buildings and hospitality facilities.
Several key federal
policies driving steel demand are the Infrastructure Investment and Jobs Act
(IIJA), the Inflation Reduction Act (IRA), and the Creating Helpful Incentives
for the Production of Semiconductors (CHIPS) Act.
STI has also
reaffirmed its commitment to encouraging the production of American-made steel
conduit and U.S. manufacturing jobs by promoting the reshoring of steel conduit
production and appropriate infrastructure spending. That comes in the face of
recent incidents of “illegal dumping” of steel products by foreign suppliers,
the group said.