U.S. Put-in-Place Construction Forecasts Fall 2023

This technical report presents the U.S. Put-in-Place Construction Forecasts for Fall 2023, prepared by Alex Carrick, Chief Economist at ConstructConnect. The report outlines the current economic landscape affecting the construction industry, including the impact of high interest rates and inflation on construction spending. It details the distinction between construction 'starts' and put-in-place (PIP) investment, explaining how these metrics reflect the total estimated dollar value of projects and the spending associated with ongoing construction. The report provides a comprehensive analysis of various construction sectors, including residential, non-residential, and engineering/civil projects, along with forecasts for future growth. It discusses the challenges posed by rising costs and the transition to renewable energy projects, emphasizing the need for careful management of mega projects to avoid cost overruns and delays. The report concludes with insights into the evolving dynamics of the construction market and anticipated recovery trends in the coming years.