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Construction Insights

2023 Recap & 2024 Outlook

The U.S. construction sector faced several headwinds in 2023, from labor constraints to increased costs due to inflation and a higher interest rate environment. Looking ahead to 2024, there are expectations of further cost stabilization, although labor costs are expected to increase further. Project timelines are not as extended as they were two years ago with material lead times easing significantly. However, delays will continue for some in-demand equipment. 

The Construction Insights –2023 Recap & 2024 Outlook report External Linkprovides insights into the key factors that influenced the U.S. construction sector in 2023, empowering you to make informed decisions for your organization throughout 2024. 

Key Takeaways:

  • Construction and commodity cost increases have decelerated but remain elevated relative to pre-pandemic levels. 

  • Supply chain stress has eased significantly from pandemic highs, but recent geopolitical tensions have caused stress indexes to tick up. 

  • Labor constraints continue to impact the sector, making filling open positions difficult and extending project timelines. 

  • Equipment lead times have eased but some remain extended, which may be a new normal for some of these systems.

  • Construction pipelines for industrial and office construction have fallen from peak levels while construction retail remains restrained. 

Download the full report External Linkto stay informed on the dynamics influencing the U.S. construction industry in 2024. 

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