Executive Industry Trends
During Q3 2024, real GDP expanded, marking the tenth consecutive quarterly increase following a downturn at the beginning of 2022. Construction GDP also rose this quarter, growing at 1.3% compared to 0.7% for the broader economy.
Both the residential and non-residential building sectors have enjoyed strong years thus far, with Value Put-inPlace up 4.9% and 5.6% Y-o-Y, respectively, on a seasonally adjusted annual basis.
The median sales price of houses sold has further moderated in 2024, with this quarter’s $420,400 value down approximately 4.5% from late 2022 highs.
Elevated rates and commodity input prices have proved to be strong headwinds for industry activities; however, the expected cut to the Federal Reserve’s target rate materialized at the end of the quarter with a 50 basis point cut. Further rate cuts could boost affordability for major capital projects and industry activity.
IN THIS ISSUE
Construction Overview
GDP
Unemployment
Value Put-In-Place
10-Year Yield and Real Broad Dollar Index
Sector Focus
Roads, Bridges, and Highways
Government Consumption and Investment
Production Input Costs
Sector Roundup
Residential Construction
Building Materials
Non-Residential Construction