Market rate housing is slowing, but “there’s potential for renewed activity if interest rates come down and the economic climate stabilizes,” he says, noting government funded military, institutional and mission critical projects “remain strong [and] continue to move forward with consistency [thanks to] strong local and federal investment.”

Black expects “moderate” growth in the next year due to a “backlog of construction opportunities we already have in place.” He adds that the “pace of growth, particularly in market rate housing, will largely depend on interest rates. If they begin to ease, we could see increased demand and stronger momentum.” Black says that “in a flat-rate environment, we anticipate stable performance across key sectors that have consistently shown resilience.”