Executive Industry Trends
During Q2 2024, real GDP expanded, marking the eighth straight quarterly increase following a downturn in the 1st half of 2022. Construction GDP also rose this quarter, growing at 1.7% compared to 0.7% for the broader economy.
The residential housing market continues to recover from a downturn during the first half of 2023. Residential construction has seen a Q-o-Q increase of 3.6% in value put in place on a seasonally adjusted annual rate basis.
The median sales price of houses sold has continued to stabilize following sharp increases in 2021 and 2022, with Q2 2024’s value of $412,300 down 6.85% from late 2022 highs.
Elevated rates and commodity input prices have proved to be strong headwinds for industry activities; however, expected policy rate cuts from the Federal Reserve could alleviate margin pressures from borrowing costs.
IN THIS ISSUE
Construction Overview
GDP
Unemployment
Value Put-In-Place
10-Year Yield and Real Broad Dollar Index
Sector Focus
Building Materials
Government Consumption and Investment
Industrial Production Index and Commodity Input Price Index
Sector Roundup
Non-Residential Construction
Roads, Highways, and Bridges
Residential Construction