As Q3 wraps up, the latest Construction Economic Report offers insights to guide your business decisions in the coming months. The construction industry is grappling with rising labor costs, unpredictable material prices and supply chain disruptions—problems that business owners like you are facing every day. If you’re feeling the pressure of managing projects in this uncertain environment, you’re not alone.

The August 2024 report delivers a comprehensive overview of the economic landscape. Highlights include:

  • GDP Growth Trends: After a sluggish Q1 at 1.4%, Q2 rebounded with a 2.8% growth, boosting full-year GDP forecasts to 2%. Learn how this affects overall construction spending and project planning.
  • Labor Market Pressures: Wages in the construction sector are growing at nearly double the pre-pandemic rate, making workforce management more challenging. Get tips on navigating these labor cost increases while retaining your top talent.
  • Interest Rate Projections: Interest rates are expected to drop in late 2024, which could significantly reduce financing costs for new projects. Find out how these shifts might influence your next construction venture.
  • Risks to Watch: From hurricane season to geopolitical conflicts, external risks are driving uncertainty in the construction industry. Learn how to prepare your business for these unpredictable events.

Download the full report to learn more.