Today's Construction Economy Report - Q1 2024

How has the first quarter of 2024 been going?

By Brandon Michalski

Principal, Construction Economist

In the first quarter of 2024 the U.S. construction market has continued to reflect strong fundamentals with some indicators softening. Labor demand and wages continue to steadily climb as projects continue to outpace supply. Material price and availability are little changed, though specialty products remain difficult to source. Machine demand is elevated but volatile, ultimately remaining above the four-year average. Though market conditions continue to be upbeat, there are signs of headwinds from the Fed’s rate expectations, and a rumbling geopolitical backdrop increases project risk. Still, the tailwind of planned spend for 2024 outweighs those risks for now. Our focus continues to be on the primary drivers of selling price to Owners.

Download our Q1 Construction Economy Report and get all the details from MOCA Construction Economist, Brandon Michalski.

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Meet the author

Brandon Michalski

Principal, Construction Economist

Brandon Michalski is the lead economist for MOCA Systems, Inc., a leading owner’s representative firm providing program and project management services. Brandon earned undergraduate degrees in both Biology and Mining Engineering from West Virginia University in Morgantown, WV and a Master of Science degree in Applied Economics from Johns Hopkins University in Baltimore, MD.