2024 North American Engineering and Construction Overview: First Quarter

Historically being resilient meant focusing on the fundamentals, internal operations and other variables within our control. That definition is now evolving to also mean being flexible, innovative and adaptable. With engineering and construction spending forecast to end 2024 up 2% from 2023, companies across the built environment will need to have clear strategies, best-in-class operations and inspired leaders to capitalize on industry conditions and create resilient firms.

Key takeaways include:

• The highest growing segments in 2023 were manufacturing, multifamily residential, lodging, sewage and waste disposal, water supply, and conservation and development. Each of these segments are anticipated to record annual growth rates exceeding 20% from 2022 levels.
• Many segments are expected to grow between 10% and 20% in 2023. These segments include office, health care, educational, religious, public safety, amusement and recreation, transportation, power, and highway and street.
• Single-family residential, the largest segment in the industry, will contract sharply in 2023 from 2022 levels.

Download our first quarter 2024 Overview for comprehensive forecasts across sectors and regions for the U.S. and Canada.