After a lackluster performance in 2023, the U.S. construction industry appeared to be trending in a more positive direction during the first half of 2024. However, the market continued to be hampered by high interest rates and a challenging labor market. Currently, analysts anticipate that the U.S. Federal Reserve will lower interest rates in the fall of 2024, which economists forecast will provide more opportunities for the construction industry moving forward. With backlogs remaining strong, many contractors are optimistic that the U.S. construction market will grow at an accelerated rate in the second half of the year.
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