From GDP Growth to Supply Chain Issues

As Q2 wraps up, the latest Construction Economic Report offers insights to guide your business decisions in the coming months. Stay ahead with key trends and data that directly impact the construction industry.

The May 2024 report delivers a comprehensive overview of the economic landscape. Highlights include:

  • Q1 2024 showed a stable growth rate of 1.6%, driven by consumer and government spending. Expectations for Q2 point to a 1% increase, with full-year projections revised up to 2%.
  • Labor costs in the construction sector continue to rise, with the Employment Cost Index reaching 162.5 in Q1.
  • Interest rate decisions remain a significant factor, with potential reductions expected in late 2024 or early 2025. These changes influence financing costs for construction projects.

Download the full report to learn more.