Today’s Construction Economy Report – Q2 2024

U.S. nonresidential construction spend is elevated but slowing, backlogs remain high, and the project pipeline has shifted into low gear. Construction wages and active employment continue to increase even as the number of job openings has declined, highlighting the need for qualified workers as retirements continue. Material prices, aside from copper and aluminum, have generally moved down, and most logistics issues have begun to resolve. Although there are a slew of softening macroeconomic factors coupled with elevated interest rates, the construction market appears to be taking them in stride with limited impacts. Ultimately, when we look at the rest of 2024, we do not anticipate any price action either up or down to selling price, and we continue to anticipate elevated levels going forward.

Download our Q2 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’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 a 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.

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Mr. McGlone performs program and project management responsibilities for a wide range of activities in the engineering and construction field.  With over 20 years of experience, specializing in Civil, Environmental, Cost and Value Engineering, Facility/Community Planning, Property Development, Budget Analysis, Contract Administration/Negotiation, Construction Management, Personnel Management, and Business Development.  Mr. McGlone currently manages the Project Controls/Cost Engineering Department for his current company, where he oversees preparation and provides quality assurance of cost estimates for over $8.0 billion in construction value annually for various federal and state government and commercial clients. He has developed facility requirements valued at over $1 Billion for various government and commercial clients through information gathering charettes and produces comprehensive documentation with concept reports, drawings, and cost estimates.  He has supervised project managers, engineers, architects, estimators, surveyors, draftsmen, and construction superintendents.