Stronger economic outlook pushes up forecast by 1.7 percentage points
Cincinnati, Ohio, February 9, 2024 – ConstructConnect, a leading provider of software solutions for the preconstruction industry, announced that total US construction is forecast to grow at 4.5% in its Spring 2024 Construction Starts Forecast.
The forecast advanced by 1.7% on the back of a stronger economic outlook. A 3.3% annualized jump in Gross Domestic Product at the close of 2023 was stronger than expected and suggests good momentum heading into 2024.
Michael Guckes, Sr. Economist, ConstructConnect said that construction industry professionals should consider looking beyond the overall forecast and explore the details. “In 2024, overall growth stands at a mild 4.5%, yet the outlook varies widely between building categories. While medical and civil sectors are forecast to grow double-digits, government and industrial sectors are forecast to decline,” Guckes stated while adding:
“Careful project selection by building type and geography remains strategically important for construction industry professionals. ”
Michael Guckes, Sr. Economist, ConstructConnect
Highlights of the First Quarter 2024 Starts Forecast:
The quarterly Construction Starts Forecast helps construction professionals anticipate conditions over the next 1-to-5 years to prepare for what is ahead. Produced in partnership with Oxford Economics, forecasts combine actual construction starts through the most recent quarter-end with economic analysis, historical data, and computer models.
About ConstructConnect
Construction Starts Here™ at ConstructConnect, where our mission is to help the construction industry start every project on a solid foundation. A leading provider of software solutions for the preconstruction industry, ConstructConnect empowers commercial construction firms to streamline their workflows and maximize productivity. ConstructConnect operates as a business unit of Roper Technologies (Nasdaq: ROP), a constituent of the Nasdaq 100, S&P 500, and Fortune 1000.