As we near the end of January, it’s important to consider where the construction industry is predicted to head for the rest of 2024. One year ago, we wrote a blog post of very similar intention for the year of 2023, focusing on potential issues of the global supply chain and general labor pool options.
While supply chain technology and the thought behind it have undergone radical changes all of last year, possible low worker volume is looking to be a consistent problem for 2024. However, as a whole, 2024 is looking to be a brighter year for construction. We’ll show you what the experts are saying, as well as how SharpeSoft can continue to serve users into the new year.
The Economy and Workforce
The US Chamber of Commerce suggests a slow start to 2024 economically. Consumers are likely to slow spending habits, as pandemic-era savings are likely to dry up along with a continued rise in credit card balances.
Steadily increasing wages coupled with large amounts of open jobs contribute to a workforce that may permanently tend toward the smaller side, at least until something happens to shake things up.
However, once the economy emerges from the projected slowdown, the outlook for the middle of 2024 looks positive, continuing on into 2025. Inflation is expected to continue to fall at this point, along with an economy equipped to better absorb higher interest rates.
A Construction Perspective
The construction industry isn’t above any of the issues outlined in the previous section, however there continues to be confidence held for growth.
Survey respondents to the Associated General Contractors of America note in particular an optimism for federal spending and infrastructure. Dollar values for projects are expected to expand for multiple different categories within the construction industry, while retail and office space construction is expected to continue to fall.
That being said, an overall value of new construction projects of 7% is expected–bringing the total for new projects above $1 trillion. The biggest winner, similar to last year, will be for water and sewage construction, at a 32% increase. Close behind is federal spending on construction, at 29%.
How SharpeSoft Can Help
Slower growth in terms of employment opportunities mean that the employees companies do retain need to be able to be adaptive to changing demands. This includes utilizing technology to its greatest efficiency. Our renowned service and success teams work together with you on a personal basis to get you set up faster than anyone else on the market today, with the most intuitive construction estimating software available.
In addition, the SharpeSoft Estimator offers tools specifically geared to those sectors expecting the greatest amount of growth and spending. The Trench Profiler is a powerful tool that allows for instantaneous calculation of fill section dimensions, materials, and pipes--all in a modular visual experience that updates changes in real time.