2024 North American Engineering and Construction Outlook: Fourth Quarter

Jay Bowman and Brian Strawberry and Emily Beardall and Jacob McCann

After expanding by more than 40% cumulatively since 2020, engineering and construction growth in the U.S. is projected to slow for the industry overall during FMI’s forecast period.

Despite broader U.S. economic challenges, this slower pace of investment should allow many stakeholders to address some of the longer-term challenges facing the built environment.

Key finding for the fourth quarter include:

Total engineering and construction spending for the U.S. is forecast to end 2024 up 5%.
High-performing segments in 2024 point to strong investment growth across public safety, manufacturing, amusement and recreation, and water supply.
The fourth quarter 2024 Nonresidential Construction Index (NRCI) score of 48.4 is slightly higher than the prior quarter of 47.2.