REPORT

Today's Construction Economy
Q3 2024

Where does construction stand now and how is the rest of 2024 looking?

By Brandon Michalski

Principal, Construction Economist, MOCA Systems, Inc.


The US nonresidential construction sector faced challenges in 3Q 2024 due to natural disaster recovery, a brief port strike, and a tense election cycle. While interest rates, materials, and equipment costs are easing; labor costs continue to rise, making the project pipeline more unpredictable.

Despite these challenges, construction remains stronger compared to other sectors. Government spending, lower interest rates, and private investments in areas like data centers and manufacturing are helping to maintain above average growth in the industry. As a result, we expect a slight increase in bid or “selling” price for the rest of 2024, with a potential slowing in price action in 2025.


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Meet the author

Brandon Michalski
Principal, Construction Economist at MOCA Systems


Brandon Michalski is the lead economist for MOCA Systems, Inc., a leading owner’s representative firm providing program and project management services. Brandon's decade in the mining and heavy construction industries provides a foundation for subject matter expertise. He holds a Master of Science in Applied Economics from Johns Hopkins University in Baltimore, MD as well as Bachelor's Degrees in both Mining Engineering and Biology from West Virginia University in Morgantown, WV. Brandon currently lives in Chicago, Illinois with his family and enjoys hiking and camping.