Today’s Construction Economy Report – Q3/Q4 2024

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.

Download our Q3/Q4 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.