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January 16, 2024
Despite market-cooling uncertainties like volatile material prices, labor shortages and high interest rates, the engineering and construction (E&C) industry is poised for growth in 2024. Sustainable practices and technological advancements combined with recent government legislation are likely to boost construction activity, according to Deloitte’s 2024 engineering and construction industry outlook.
The confident outlook follows sustained industry growth in 2023, where construction spending maintained a steady upward path. Looking ahead, the signs point to new construction associated with manufacturing, transportation infrastructure and clean energy infrastructure, as investments fueled by three key pieces of legislation—the Infrastructure Investment and Jobs Act (IIJA), the Inflation Reduction Act (IRA) and the Creating Helpful Incentives to Produce Semiconductors (CHIPS) Act—are expected to flow into the industry. All these forces are expected to help increase profit margins and staffing levels in 2024.
As E&C companies prepare for 2024, they should look to stay ahead of the key trends that are shaping the industry’s trajectory. The following lays out five trends that can help them reformulate strategies to capitalize on the growth opportunities and head off unforeseen challenges.
To read about the five trends in the rest of this story from Construction Business Owner click here.
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