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Next year may turn out to be a construction industry thrill ride. Even with the expected recession never materializing, inflation leveling off and the stock market on a sugar high, there could be plenty of climbs, dips and swerves.
Highlights from the latest construction forecasts show that U.S. economic recovery slowly continues, shadowed by inflation and labor challenges, and geopolitical risk.
Looking into the coming year, experts are cautiously optimistic that a stronger construction market lies ahead, particularly in certain markets.
Following a 19.7% surge in spending for commercial, institutional, and industrial buildings in 2023, leading construction industry economists expect spending growth to come back to earth in 2024, according to the July 2023 AIA Consensus Construction Forecast Panel.
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