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Key Takeaways
- The U.S. construction industry grew by a staggering 20% in 2023 — far outpacing early projections — which means more projects are moving through the pipeline and more opportunities are available for you to capture.
- With falling inflation and a stronger job market driving consumer confidence, conditions are improving for construction spending, so now is the time to position your business for growth rather than pull back.
- PlanHub saw a 50% increase in platform registrations in 2023, meaning more contractors and project teams are actively searching for suppliers and manufacturers like you.
- Don't let uncertainty about a potential slowdown cause you to sit on the sidelines — the data shows the market is still moving, and the suppliers who stay active will be the ones who win more work.
- Use this moment of market momentum to expand your reach, get your products in front of more decision-makers, and build the relationships that will keep your pipeline full even if conditions shift in 2024.
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/
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