In 2023, the U.S. economy surpassed the most optimistic expectations. However, the looming slowdown in the construction sector for 2024 is raising some alarms.
2023: a year for the books.
In a year marked by jaw-dropping growth, Q3 of 2023 marks the strongest performance since late 2021! The US economy boomed with a 4.9% growth in the gross domestic product as reported by the Commerce Department. Falling inflation and a robust job market empowered consumers to spend more confidently on goods and services.
The construction industry has also defied all expectations. At the onset, the American Institute of Architects (AIA) projected a moderate growth rate of under 6%. Yet, their latest update revealed a staggering 20% surge in spending for the year. At PlanHub, we witnessed a 50% increase in registrations and an upswing of up to 40% in all other activity and upgrade metrics. The construction industry is on the move.
Read the rest of the article by Ro Bhatia, CEO, PlanHub …https://www.linkedin.com/pulse/where-did-recession-go-ro-bhatia-sw3yc/