AGC Survey Finds Contractors Cautiously Optimistic about 2024

January 5, 2024|

WASHINGTON, D.C. – Contractors are generally optimistic about the outlook for nonresidential and multifamily construction in 2024, but optimism is less widespread than one year ago, based on the 2024 AGC-Sage Construction Hiring and Business Outlook Survey, released on Jan. 4.

The survey included 1,293 responses submitted from Nov. 9-Dec. 8. Respondents were asked whether the dollar value of projects they compete for would be higher or lower in 2024. The net reading – the percent of respondents expecting a higher dollar value less the percent expecting a lower value – was positive for 14 out of 17 project types.

The broadest optimism was for water and sewer projects, with a net positive reading of 32 percentage points, followed by highway and bridge projects and transportation facilities (30 each); federal agency work (37); power (25); hospital (23); other health care (clinics, labs and testing facilities) (22); data centers (20); K-12 schools (18); higher education, manufacturing and public building construction (15 each); warehouse (10); and multifamily (4).

Net readings were negative for lodging, retail and office.

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