Contractors ended 2024 on a cautiously optimistic notice, as the most recent development information revealed resilience alongside lingering challenges.
Backlog held regular at 8.4 months as contractors expressed some optimism about non-public development prospects. The potential of decrease borrowing prices and clearer coverage course following the presidential election buoyed confidence.
Groundbreakings additionally gained momentum to shut the 12 months, with begins gaining 5% in December to an annualized charge of $1.2 trillion, in accordance with Dodge Development Community. Public {dollars} continued to gasoline infrastructure development, notably freeway and bridges.
That offset a few of the pressures from elevated rates of interest, labor shortages and lending situations. Many economists count on additional charge cuts might unlock extra exercise in 2025, although the Federal Reserve has signaled it could sluggish the tempo of easing this 12 months to stability inflation dangers.
In the meantime, the development labor market confirmed indicators of pressure. Open development jobs in November remained down 40% from the earlier 12 months, exhibiting continued hiring difficulties.
Right here, Development Dive rounds up the most recent key business information.
