Residential Construction Industry Projected to Finish 2024 Strong
The home building sector is expected to grow in value by 10% over the remainder of the year
Aug. 23, 2024
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The residential construction industry is projected to see growth throughout the remainder of 2024.
The construction industry is projected to see strong growth throughout the rest of 2024. According to For Construction Pros, Dodge Construction Network's 2024 Mid-Year Outlook predicts a positive outlook for the second half of the year across the industry, including in residential construction. Residential building is projected to grow by 10% to $406 billion, with single-family construction increasing by 12% to $259 billion. Multifamily construction, on the other hand, is projected to see a 7% increase in value this year, although the number of multifamily units is expected to decline by 5% to 662,000.
Consistency will be key to the construction industry's economy, the report stated. While hiring is cooling overall, the market should be stable.
"The economy should be more consistent in 2024 than over the last two years," the report said. "This consistency will bring increased opportunities to the nation’s construction verticals."
