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The latest from our Construction Cost Index Report: The overall outlook for non-residential construction is cautiously optimistic, with inflation delaying interest rate reductions, continued workforce challenges, and national supply chain impacts contributing to longer lead times and higher costs for construction materials. More » https://bit.ly/3MJj4AQ

Easing inflation, potential rate cuts boost backlog “Backlog continues to hold up remarkably well despite high interest rates, inflation and emerging weakness in the broader economy,” said Anirban Basu, ABC chief economist. “While contractor confidence regarding the outlook for sales and staffing levels fell modestly in June, all three Construction Confidence Index components are higher than they were a year ago.” Read More >>> https://ow.ly/QwXh50SCj9f #ShannonConstruction #Construction #ConstructionNews #ConstructionIndustry #ConstructionManagement #DesignBuild #Constructor #GeneralContractor #Contractor #Contractors #LEED #GreenBuilding #Buildings #Architecture #GeneralConstruction #ConstructionSafety #ConstructionCareers #MarylandConstruction #WashingtonDCConstruction #PittsburghConstruction #PAConstruction #GovernmentConstruction #VisionforGrowth

We are halfway through 2024, and while there is a slew of softening macroeconomic factors coupled with elevated interest rates, the construction market appears to be taking them in stride with limited impacts. Get all the details from our Q2 construction economy report. https://lnkd.in/eudGX3Ry

The overall outlook for non-residential construction is cautiously optimistic, with inflation delaying interest rate reductions, continued workforce challenges keeping labor costs high, and national supply chain workarounds in the wake of the Francis Scott Key Bridge collapse tangentially contributing to longer lead times and higher costs for construction materials. Check out the Mortenson Q1 2024 Chicago cost index for more insights: https://lnkd.in/gSuyxa3

Check out the latest construction numbers! The Mortenson Cost Index shows a near flattening of material, labor, and subcontractor costs for the 3rd Quarter 2023 and an overall slowdown to the trajectory of cost increases seen since the onset of the pandemic. Material availability and lead times, specifically, have mostly stabilized, bringing some alleviation to inflation. The Mortenson Construction Cost Index is calculated quarterly by pricing a representative non-residential construction project in geographies throughout the country. Our ability to continue crunching the latest quarterly numbers and giving you the trends that matter, so that you have the insight you need going into the next quarter, is referenced nationally across the industry, but most importantly, another way we show up differently as we inform our partners on the best paths for their projects. Let's Redefine Possible. #mortensonslc #constructioncostindex #LetsRedefinePossible https://lnkd.in/gKS-TKE

In November, U.S. construction starts fell 15% to the lowest level in 10 months. This decline was led by a 29% drop in nonresidential building starts, with residential and nonbuilding starts decreasing by 6% and 2%, respectively. The annual rate for nonresidential starts plummeted to $345 billion, a significant reduction from October's $490 billion. The overall dip in construction activity is attributed to the Federal Reserve's interest rate hikes aimed at curbing inflation.. Despite this downturn, nonbuilding construction starts showed a 19% year-to-date increase, driven by a surge in utility construction and growth in infrastructure and environmental public works. #construction #constructionstarts https://lnkd.in/eq5su5e9

The latest from our Construction Cost Index Report: The overall outlook for non-residential construction is cautiously optimistic, with inflation delaying interest rate reductions, continued workforce challenges, and national supply chain impacts contributing to longer lead times and higher costs for construction materials. More » https://lnkd.in/dZP36YcX

The first quarter of 2024 saw a slowdown in the growth of residential and non-residential building construction costs since 2020. Despite this, prices have continued to rise, with skilled labour shortages, interest rate pressure, and building code updates being cited as key factors impacting the construction sector. Availability of materials has also played a significant role in the rise of prices. Masonry and earthworks have posted the largest quarterly increases in the residential building construction divisions. The increase in skilled labour rates and the limited availability of materials are the primary reasons behind the rise in costs. The construction sector has been under immense pressure due to the pandemic, and the ongoing supply chain issues have only added to the challenges. As the construction industry continues to face these challenges, it is essential for stakeholders to work together to navigate these issues and ensure that the industry remains resilient. #ConstructionSector #SupplyChainIssues #BuildingConstruction

Quarter 2 of #todaysconstructioneconomy report is out! To read, visit our link below. #constructioneconomy #projectmanagement #constructioncosts

As the first month of 2024 draws to a close, Andrew Croft and Ellie Eastwood reflect on the market trends we saw in the construction industry in 2023 and discuss how to tackle them in 2024. #constructionindustry #2024 https://lnkd.in/ercEQNk2