Construction Market Report Summer 2024
The public sector has outpaced the private sector and accounts for most of the positive movement in dollar volume in the first half of the year, which is up 11% since this time last year. However, we are seeing optimism in the private sector as hopes for a federal rate cut becomes more likely by year end.
Currently, major indices are trending lower, and we are seeing modest compression of contractor margins as subcontractors seek to fill their backlog. The composite pricing on materials is around 4.5% annually, while labor increases are in the 4-5% range. Labor shortages continue to plague the industry with unemployment at 3.3%. It’s difficult for many firms to find quality trade workers. We anticipate the overall escalation rate for the next 12 months to be in the 4-5% range.
Download the full Summer 2024 Market Conditions Report below for more insights and detailed information on today’s construction market.
Construction Market Report – Summer 2024
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