Report adds new supply chain spotlight on international shipping
and regional market overviews
PROVIDENCE, R.I., May 14, 2024
/PRNewswire-PRWeb/ -- Gilbane Building Company released its Q2 2024
Market Conditions Report. This quarterly report provides a national
macroeconomic view of the overall economy and its impacts on the
U.S. construction industry, focusing on market-driven data,
end-to-end supply chain constraints, equipment and material
availability, costs, and risk mitigation strategies.
This quarter, the report added two new features: a regional
overview of market conditions as reported by Gilbane's
preconstruction teams across the country and a Supply Chain
Spotlight feature, focused on the impact of disruptions to global
ocean shipping routes on U.S. construction supply chains.
Q2 Construction Market Overview Takeaways:
- Following strong industry performance in 2023, sentiment has
improved for opportunities and growth in 2024. Nonresidential
construction made up 55.9 percent of total construction spending in
2023, and nonresidential construction spending grew 20.1 percent
overall.
- FMI forecasts that total engineering and construction spending
in the U.S. will end 2024 up 5 percent from 2023. Total
construction spending rose 7.1 percent in 2023 from 2022, according
to the U.S. Census Bureau.
- The fastest-growing nonresidential construction segments were
manufacturing (71.3%), sewage and waste disposal (26.7%),
conservation and development (23.9%), lodging (19.6%), and highway
and street (18.0%). Meanwhile, residential construction spending
fell 5.9 percent overall.
- After a period of decline in 2023, building material prices
have been rising in 2024. Strong backlog and volatility in the
supply chains of some commodities, specifically in the electrical
category, remain a risk to cost inflation for those products and
support continued lead time
challenges.
Click here to read the report in its entirety.
About Gilbane Building Company
Gilbane Building Company is a global leader in construction
management, delivering high-quality projects for clients across
various markets. Gilbane provides a full slate of construction and
facilities-related services, from preconstruction planning and
integrated consulting capabilities to comprehensive construction
management, general contracting, design-build, and facility
management services. Founded in 1870, Gilbane is still a privately
held, family-owned company. With more than 45 office locations
worldwide, Gilbane brings world-class experience to local
communities.
For more information, visit http://www.gilbaneco.com.
Media Contact
Lynn Rasic, Gilbane Building
Company, 212-822-0319, lrasic@gilbaneco.com, www.gilbaneco.com
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SOURCE Gilbane Building Company