The construction industry has seen some modest growth in the first quarter of 2024, but issues from the past several years are slow to recede.
“The early months of 2024 have not been without its struggles. Construction starts in January were very positive, but they fell sharply in February, with March also seeing a retrenchment,” says Richard Branch, chief economist at Dodge Construction Network. “The high interest rate environment, the continued scarcity of skilled labor and high material prices all contribute to the shortfall in activity.”