The coming year presents a complex landscape for the construction industry. Cost, risk and growth will be impacted by geopolitical turmoil, inflation and increased regulatory complexity.
Despite a surprisingly strong economy, construction industry executives report that they enter 2024 with much of the same trepidation they faced at the start of 2023.
As compensation for labor and staff continues to rise, executives are keeping pace and garnering some of the biggest pay increases seen in the C-suite in over 15 years.
With the economy so far navigating through recession risks, ENR’s Construction Industry Confidence Index shot up 11 points this quarter to a cautiously pessimistic 44 rating, with 68% of survey respondents seeing the current market as either stable or improving, up from 62.7% last quarter.
Recession fears continue to loom as the first quarter comes to a close. Inflation remains an ongoing issue, while recent failures in the banking sector pose additional threats.