According to JLL’s U.S. and Canada Construction Trends 2024 forecast, the construction industry in both countries is set for success in the coming year due to high demand and a normalization of supply chains and material prices. Despite elevated interest rates, demand for construction remains strong.
JLL President of Project and Development Services, Americas Todd Burns stated that the industry is well-equipped to overcome any challenges in 2024. With a growing need for housing, an increase in office occupancy rates, as well as government-backed infrastructure projects driving manufacturing growth, there are ample opportunities for growth.
While overall construction spending is expected to remain stable in the U.S., there may be variations across different sectors. Material costs are projected to rise by 2% -6%, while employee wages will likely increase by 3%-5%. This could result in an overall cost increase of around 2%-4%.
