Groundbreak Carolinas

GroundBreak Carolinas

Your source for construction industry news in the Carolinas

Business

FMI 2024 North American Engineering and Construction Overview: Second Quarter

by GroundBreak Carolinas Staff on

FMI recently released their 2024 North American Engineering and Construction Overview: Second Quarter. According to the Outlook, engineering and construction spending is expected to end 2024 up 5%, but not all sectors will be the same. Manufacturing, lodging, and highway and street look poised for double-digit growth while those in the multifamily and commercial sectors face a tougher outlook.

Understanding the underlying drivers and nuances of your markets, sectors and geographies will help you best position your company to take advantage of opportunities and be prepared for challenges.

Key takeaways include:

  • Continued strong investment growth across manufacturing, lodging, public safety, highway and street, transportation, and sewage and waste disposal. Each of these segments are forecast to end the year with growth 10% or higher over 2023 levels.
  • Many segments are expected to end 2023 with growth rates between 5% and 10%. These segments include health care, educational, religious, amusement and recreation, communication, power, water supply, and conservation and development.
  • Single-family residential, the largest segment in the industry, is expected to stabilize from the large 14% drop in 2023 and see more investment in 2025. Conversely, multifamily residential investment is expected to recede somewhat over the next several years.

Download FMI’s second quarter 2024 Outlook for comprehensive forecasts across sectors and regions for the U.S. and Canada.