The overall U.S. construction volume is set to decline by 3.96% over 2023, after a 5.20% decrease last year.

Residential construction starts fell 21% in January 2023 compared to the same month in 2023. The data indicates that the surge in construction projects due to the housing boom is likely coming to an end. New residential construction data from the past few years shows a sharp decline in new projects in early 2020, which aligns with the initial onset of the COVID-19 pandemic. They rose again and surged well above pre- pandemic levels in the second half of 2020 through the first half of 2023. The current rate of housing starts is down compared to 2023, but it is roughly on par with pre- pandemic levels.