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 . 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.
to read the report in its entirety.
About Gilbane Building Company
is a global leader in construction management, delivering high-quality projects for clients across various . 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.
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Media Contact
Lynn Rasic, Gilbane Building Company, 212-822-0319, [email protected],
SOURCE Gilbane Building Company
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