2023 North American Engineering & Construction Outlook: Fourth Quarter
Total engineering and construction spending is expected to end 2023 up 5%, compared to up 12% in 2022, as residential construction spending drops. While FMI is still expecting a downturn in 2024, the timing is hard to predict.
The duration of an economic contraction is expected to be dependent on policy response, but as with historical cycles, the impact on the construction industry will likely be longer lasting and vary by sector.
It's also important to keep perspective on these numbers. For example, manufacturing is expected to decline, but that follows two years of nearly 50% growth, leaving the sector higher despite a pullback.
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