Today’s Construction Economy Report – Q2 2024

U.S. nonresidential construction spend is elevated but slowing, backlogs remain high, and the project pipeline has shifted into low gear. Construction wages and active employment continue to increase even as the number of job openings has declined, highlighting the need for qualified workers as retirements continue. Material prices, aside from copper and aluminum, have generally moved down, and most logistics issues have begun to resolve. Although there are a slew of softening macroeconomic factors coupled with elevated interest rates, the construction market appears to be taking them in stride with limited impacts. Ultimately, when we look at the rest of 2024, we do not anticipate any price action either up or down to selling price, and we continue to anticipate elevated levels going forward.

Download our Q2 Construction Economy Report and get all the details from MOCA Construction Economist, Brandon Michalski.

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