#179 – Inside Our Industry – JLL: Construction Sector Poised for Success in ’24

Posted on | Inside Our Industry

We at Agracel have been cautiously optimistic when looking ahead to 2024 in terms of build-to-suit developments. With Construction Management becoming an integral part of our services, the news from Jones Lang Lasalle’s 2024 Forecast is reassuring. JLL’s report below appeared on ConnectCRE.com.

JLL: Construction Sector Poised for Success in ’24

Following a year of stabilization, the construction industry in the U.S. and Canada is positioned for success in 2024, thanks to strong demand and normalizing supply chains and material prices, JLL reported Tuesday.. The firm’s U.S. and Canada Construction Trends 2024 forecast predicted that demand for construction will remain high despite elevated interest rates.

“The industry is ready to successfully meet the challenges of 2024,” said Todd Burns, president, Project and Development Services, Americas, JLL. “With immense housing needs, return to office strengthening and federally backed infrastructure and manufacturing accelerating, the industry is poised for growth despite challenges.”

In the U.S., construction spending is expected to remain stable overall but will see variations from sector to sector. Looking at the numbers, material costs are expected to increase by 2% to 6% and employee wages are expected to increase by 3% to 5%, with total costs expected to rise by 2% to 4%.