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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Retail Innovation, Renovation Drive Construction Growth in 2016

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CHICAGO, Ill. — A strong retail sector has helped drive 2016 U.S. construction activity with retail construction projects up 24.4 percent year-over-year. But overshadowing the good news is a cloud of economic uncertainty that has companies laser-focused on Lean budgeting and smart spending decisions. According to JLL’s latest report on nonresidential construction activity, U.S. construction employment grew 4.7 percent in the first quarter of 2016 over the first quarter of 2015, with many workers engaged on retail projects. Concerns about China’s steep economic deceleration, combined with a drop in U.S. gross domestic product from 1.4 percent in the fourth quarter … Read more

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