Marcum Commercial Construction Index

First Quarter Construction Update: The Good, (The Strictly Okay), The Bad, and The Ugly
Issue 47 - First Quarter 2024

Heading into 2024, the economy appeared to be in an ideal position for interest rate cuts. Inflation had slowed markedly, from a 9.1% year-over-year pace of price increases in June 2022 to a 3.4% rate in December 2023, employers continued to add jobs at a healthy pace while the unemployment rate remained low, and consumers continued to spend, powering ongoing growth. At the start of January, most forecasters assumed the Fed would cut interest rates at least three times during 2024.