In 2024, the U.S. construction industry showed resilience despite economic cooling fueled by public-sector infrastructure investments while facing private-sector challenges. GDP grew by 2.7 percent, slower than in 2023, due to higher borrowing costs and tighter credit limiting private investment. Federal spending on infrastructure, especially under the IIJA and CHIPS Act, boosted public-sector construction, while private development slowed due to elevated capital costs. Total construction spending increased by 6.6 percent to $2.15 trillion, but the labor market persisted.

HITT Contracting’s experts carefully monitor the impact market conditions have on our economy and our access to supplies, material pricing, and schedules. Our dedicated research and development (R&D) team gathers relevant data and information to provide valuable insights into how macroeconomic trends and industry-specific factors shape the industry.

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