With rapid advancements in Artificial Intelligence (AI), Virtual Reality (VR), and other technologies, it seems that every industry is poised for significant transformations going into 2024. The construction industry stands at the forefront of a lot of these innovations, yet the 2024 construction outlook extends far beyond tech-related advancements.
2023 construction industry trends were defined by green building initiatives, more AI applications, and even an increase in remote work. Much of this holds true for 2024, but there’s even more on the horizon.
Evidently, many sectors took a heavy hit from inflation in 2023. Costs for materials skyrocketed while the demand for construction workers far exceeded the worker pool. Consequently, we saw a slowdown in construction starts. Because the construction industry is often used as an indicator for the economic landscape, economists keep a close watch.
