Will construction continue to remain strong in 2024 amid economic uncertainties?

Ken Simonson, chief economist for the Associated General Contractor of America, says, “I’m not using the ‘r’ word, but I do think a slowdown is likely.”

On this episode of The Dirt, Simonson explains his cautious outlook, pointing to a variety of headwinds that will likely lead to disparities in growth by industry sector.

“There will be a lot of opportunities in categories like manufacturing, data centers, and hopefully, finally getting some more infrastructure money out of the federal government,” says Simonson. “I think that’s going to outweigh declines in multi-family and developer-financed non-residential categories.”

He also gives his take on labor productivity, wage growth, inflation and interest rates, saying it will lead to “a lot of change” for construction.

His interview with host Bryan Furnace is a must-view for anyone in the construction industry concerned about the future and what moves they should be considering now.

So check out the latest episode of The Dirt to see what you can expect in 2024 and beyond.

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In This Episode:
00:00 - 2023 Economy vs 2024 Economy
00:29 - 2023 Economy: What Happened?
01:40 - 2024 Economic Predictions
03:54 - Will Prices Continue to Increase in 2024?
06:17 - 2024 Supply Chain Predictions
09:40 - Federal Interest Rate: How Does It Help Inflation?
14:52 - Biggest Opportunities in 2024
15:41 - Final Thoughts