Midyear Report Shows Construction Industry Stability, Strength in 2024

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The U.S. construction industry has shown resilience despite global challenges and the industry is adjusting to new patterns of demand, indicating variations in growth. JLL’s new 2024 Midyear Construction Update and Reforecast details how the year has unfolded so far compared to original predictions, and reforecasts what is expected in the second half of 2024. Construction costs have stabilized in 2024 due to backlog-conscious contractors and improved material conditions. Though construction starts remain slow in some locations, and not all sectors are performing equally well, construction spending is up and some interest rate holdouts are moving on long-deferred projects. Regarding … Read more

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Request for Proposals Sought for University-Affiliated Hotel in Ohio

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Miami University in Oxford, Ohio, is seeking a development team to design, construct, finance, operate and maintain a university-affiliated hotel with food and beverage and fitness amenities on university-owned property. Miami University envisions a development team that will respond to the existing lodging demand in the area and create additional demand by providing a quality lodging alternative not available in Oxford. The university is working with JLL as its development advisor. Led by JLL Associate Vice President Ed Chatmon, the team will continue to advise through the solicitation and contracting process. “We are excited to bring this unique opportunity to … Read more

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Construction Industry in US, Canada Poised for Growth

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After a year of stabilization, the construction industry in the U.S. and Canada is positioned for success in 2024, thanks to strong demand and as the normalization of supply chains and material prices continue. JLL’s new U.S. and Canada Construction Trends 2024 forecast explores the opportunities and challenges facing the construction industry in the year to come. “The industry is ready to successfully meet the challenges of 2024,” said Todd Burns, president, Project and Development Services, Americas, JLL. “With immense housing needs, return to office strengthening and federally backed infrastructure and manufacturing accelerating, the industry is poised for growth despite … Read more

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H2 2022 Construction Outlook: Rising Costs, Tempered Outlooks

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The first half of 2022 saw cost inflation persist at an elevated rate as strong construction demand competed with a broad range of global and local issues. Though inflation and supply chain troubles are reminiscent of 2021, the contributing material components have shifted and new supply side issues have emerged. Despite a global inability to control the wide ranging disruptions and widespread fear of a recession, the industry is only just beginning to see a modest pullback and tempering of builder confidence. How will the industry’s existing inertia fare against changing economic outlooks and uncertainty? JLL’s latest Construction Outlook updates … Read more

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Deepening Labor Struggle Driving Future of Construction

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The construction labor shortage continues to deepen nationally, evident by a historically low unemployment rate of 4.5 percent. There has been minimal growth in the workforce over the last nine months, with no sign of an increase. Because of this, industry professionals can expect project timelines to be extended, wages to increase at a faster rate and all eyes focused on construction technology to offset these challenges. Despite this, the industry continued to hit a mature stage of economic expansion in the third quarter, according to a new report from JLL that tracks national construction trends. Construction spending was up … Read more

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