U.S. Construction Volume Trends

Overall construction volume is expected to rise 7% in 2024, following a 2.5% increase in 2023.

The 2023 increase will bring total starts to an estimated $1.355 trillion, with $1.456 trillion forecast for 2024. The American Road & Transportation Builders Association estimates total spending for highway and bridge construction will rise 16% in 2024, following a 15% boost in 2023. Transportation construction market activity is expected to increase or be steady in 38 states. We also expect the education sector volume to increase by 13% and infrastructure sector volume to rise by 15% in 2024. Meanwhile, sustainability continues to be a business imperative for the construction industry. Construction companies face a multidimensional challenge on this front as they adapt to evolving market trends and environmental regulations and meet customer demands for greener buildings, while also preventing construction costs from accelerating too rapidly.

* Other structures include religious buildings, amusement, government communications, and public recreation projects.

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