Our Specialty Contracting Industry Report provides an overview of key trends and developments affecting the industry. This quarterly update covers market performance, economic indicators, and emerging opportunities.
Below are the highlights from the full report. Click the link to download the complete analysis.
Market Dynamics & Outlook
The construction industry continues to demonstrate its resilience, thriving even amid challenging economic conditions.
Diversification across business sectors has helped sustain industry spending, despite a decrease in new project starts. Although the industry is expected to continue to rebound in 2024, there are signs of slowing growth in the near term, despite decreasing interest rates.
Expectations for a boost to construction are associated with manufacturing, transportation infrastructure, and clean energy infrastructure, as funds from three key pieces of legislation passed—the Infrastructure Investment and Jobs Act (IIJA), the Inflation Reduction Act (IRA), and the Creating Helpful Incentives to Produce Semiconductors (CHIPS) Act—are expected to flow into the industry.
Emerging construction activity derived from these federal grants will act as a driver in the coming years as the government increasingly funds infrastructure, energy, and housing projects.
Steady population growth and urbanization worldwide drives the need for increased real estate development, healthcare facilities construction, and adoption of prefabrication and modular construction.
