In the first quarter of 2024 the U.S. construction market has continued to reflect strong fundamentals with some indicators softening. Labor demand and wages continue to steadily climb as projects continue to outpace supply. Material price and availability are little changed, though specialty products remain difficult to source. Machine demand is elevated but volatile, ultimately remaining above the four-year average. Though market conditions continue to be upbeat, there are signs of headwinds from the Fed’s rate expectations, and a rumbling geopolitical backdrop increases project risk. Still, the tailwind of planned spend for 2024 outweighs those risks for now. Our focus continues to be on the primary drivers of selling price to Owners.

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Brandon Michalski

Principal, Construction Economist

Brandon Michalski is the lead economist for MOCA Systems, Inc., a leading owner’s representative firm providing program and project management services. Brandon’s decade in the mining and heavy construction industries provides a foundation for subject matter expertise. He holds a Master of Science in Applied Economics from Johns Hopkins University in Baltimore, MD as well as a Bachelor’s Degrees in both Mining Engineering and Biology from West Virginia University in Morgantown, WV. Brandon currently lives in Chicago, Illinois with his family and enjoys hiking and camping.