Construction Slump Deepens as Housing, Commercial Markets Weaken
• Construction activity slowed for 5 straight months, with housing and commercial markets weakening • Staffing levels in construction declined for the first time since last December • Housing activity saw its largest drop since April as projects were completed towards year-end • Commercial activity also fell as rising interest rates and costs led to more caution among developers • Almost a third of firms expect a rebound in 2024 due to new projects and hopes for economic improvement