As 2023 comes to a close, experts are fairly optimistic about the economic outlook for construction in 2024, but not without some words of caution.
“The construction sector will see brighter days in 2024. Recent macroeconomic data from employment numbers to the consumer and producer prices indices show that the economy is easing back and pulling inflation lower with it,” says Richard Branch, chief economist at Dodge Construction Network. “It’s increasingly likely that the Fed will pivot and start lowering the Fed Funds rate leading to a more positive climate for building.”