Shoring up for delivery

The US construction market lays the foundations for future growth while navigating an uncertain economic backdrop.

Federal Reserve efforts to cool inflation yielded success, but at the cost of higher interest rates, resulting in a challenging financing environment for both developers on new private projects and consumers looking to apply for a mortgage.

When combined with the labor shortages currently being felt, the handbrake is applied to builders' ability to start and complete projects.

The most recent figures from the US Census Bureau show the mixed fortunes between residential and non-residential activity, with the former down in construction value by 5.4% year-on-year compared to the latter rising to 16.5%.

Crucially, vast funding from federal sources such as the Infrastructure Investment and Jobs Act (IIJA) builds an enormous pipeline of infrastructure work. Shoring up the nation’s economic capabilities through improved bridges and roads and externally via airport and port upgrades is a tenet of the federal government that construction plays a key role in.

With the increasing investment in adopting digital tools and innovative construction methods, the US construction market continues to give itself every opportunity to improve productivity levels and deliver for clients.