Ed Sullivan, chief economist and senior vice president of market intelligence for the Portland Cement Association — which represents America’s cement manufacturers — says that the Federal Reserve’s recent move to lower interest rates, coupled with easing inflation, signals a significant retreat in interest rate levels by the end of next year…all to the benefit of construction activity.

PCL Construction’s president, Deron Brown, forecasts key trends shaping U.S. construction in 2024. Government funding, re-shoring manufacturing and a boost in tourism are converging to create a demand for the construction of megaprojects and landmark builds that exceed $1 billion in budget.

The latest Consensus Construction Forecast indicates clear opportunities for growth in a number of segments. But compared to the second half of 2023, the early look in 2024 is more modest.