Construction Market Report Spring 2024

With the decline of contractor backlogs and architectural billings, we are seeing a softening of the commercial construction market. This does not mean doom and gloom for contractors as other sectors, such as industrial and infrastructure, remain strong.

Overall, inflation remains above the Fed’s target of 2%, leading to the question, “How long will it take before we see a drop in interest rates?” Based on current data, we do not anticipate a rate increase in June but hope for a rate cut later this year. Many owners and developers are in a “hold” position, waiting for rates to improve before proceeding with new developments.

Download the full Spring 2024 Market Conditions Report below for more insights and detailed information on today’s construction market.