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Market Update and Construction Input Pricing Report: 2023 Review and 2024 Outlook

The construction industry showed resilience in 2023, with a notable 7 percent increase in spending to $1.98 trillion. Despite inflationary pressures and the Federal Reserve’s interest rate hikes, the industry largely maintained stability, aided by moderated inflation and improved supply chain factors. Looking to 2024, while facing ongoing global disruptions and pricing pressures, stakeholders remain cautiously optimistic about navigating the complex landscape.

HITT Contracting’s experts carefully monitor the impact market conditions have on our economy and our access to supplies, material pricing, and schedules. Our dedicated research and development (R&D) team gathers relevant data and information to provide valuable insights into how macroeconomic trends and industry-specific factors shape the industry.

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