Today's Construction Economy Report - Q4 2023

So where's this recession everyone's been talking about?

By Tom Sanders

Chief Economist

Labor continues to be the cost driver, and while the lack of labor availability is holding up some projects, sales are still increasing. Talk of recession is ebbing, although new starts are down, and the nonresidential backlog has been decreasing for the past four months. Materials costs have levelled out, but there are still some components with unacceptably long lead times. Our focus continues to be on the primary drivers of selling price to owners.

Download our Q4 Construction Economy Report and get all the details from MOCA Chief Economist Tom Sanders.

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Meet the author

Tom Sanders

Chief Economist

Tom Sanders is the lead economist for MOCA Systems, Inc., a leading owner's representative firm providing program and project management services. Tom provides independent market analyses for military construction projects. He is a retired USAF Reserve Colonel with 30 years of service.