U.S. Put-in-Place Construction Forecasts Fall 2024

This document is a technical report that presents the U.S. Put-in-Place construction forecasts for Fall 2024, prepared by Michael Guckes, Chief Economist at ConstructConnect. The report outlines the projected total construction spending, estimating it to reach $2,164 billion, which reflects a 4.3% increase from previous estimates. It discusses the impact of delayed stimulus spending on construction activities and the economic context, including recent GDP growth figures and Federal Reserve interest rate policies. The report details the distinction between 'starts' and put-in-place (PIP) statistics, explaining how construction spending is recorded over time. It also addresses the challenges faced by the Commercial Real Estate sector, particularly regarding loan modifications and the implications of falling interest rates. The outlook for various construction categories is mixed, with strong expectations for civil engineering projects, while office and manufacturing construction face more subdued forecasts due to changing market dynamics.