Construction Market Insights H2 2024 – Americas

This Construction Market Insights report provides an overview of the construction industry in the United States and Canada, including macroeconomics, construction industry overview, commodity movements and supply chain outlook.  

Key Takeaways:

• Economic growth and construction industry: While both the US and Canadian economies are expected to grow steadily in 2024, the construction markets in these two countries are following divergent trends
• Labor: Labor in North America remains a significant cost factor due to the shortage of skilled workers. Regions with significant high-tech and mission-critical projects still struggle with a lack of skilled labor, particularly in the MEP trades 
• Supply chain: In 2024, demand for AI computing and data center expansion drove significant pressure on the supply chain, particularly in power and cooling solutions. While 2024 tested the resilience of supply chains, proactive planning and supplier investments provide hope for 2025 
• Construction inflation: Construction inflation in both the US and Canada has eased compared to last year. During 2025, the new US administration may introduce changes related to immigration policies and tariffs. This will require close monitoring 
• Commodities: While prices for most commodities have stabilized, the fluctuating prices of metals remains a concern. Copper and aluminum prices are higher than they were in 2023 due to issues with supply, raw material availability, and import costs . 

Download the full report to access these insights and analysis of the construction market for the United States and Canada.