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%.

Inside The Story

JLL's Burns

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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