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2024 Construction Economic Update and Incorporating Construction Education Courses to Plan for Industry Success

As economists look at the market’s trends and project what is coming in the new year, cautious optimism rings again. Richard Branch, the Dodge Construction Network chief economist states, “As we go into 2024, we’re starting to see economic growth become more consistent and accelerating by the end of the year,” assuming the Federal Government does not raise interest rates. Construction starts are projected to rise 7% in 2024 whereas 2023 only saw a 1% increase. Residential construction is projected to rebound across the United States by 14% in 2024. Hotels are also making a comeback and data center construction remains strong. There has never been a better time to enhance your career trajectory with construction education courses. 

For a bigger picture comparison, the Congressional Budget Office put out the following table comparing 2023 rate changes to projected 2024 and 2025 rates. As inflation declines the consumer price index increases and interest rates decline. 

Stay Profitable With an Educated Workforce

As work continues to increase, the need for an educated workforce is paramount. 

The importance of construction education courses is becoming increasingly evident. Skilled professionals are essential for driving innovation, meeting industry demands, and ensuring the sector’s long-term sustainability. Construction professionals seek out online construction education classes to fill in the gaps and expand their working knowledge of the industry, developing skill sets to advance their careers and their companies ability to successfully bid and win jobs. 

On a quarterly basis students complete their online construction education with Construction Experts Inc avowing how their online education has given them confidence, knowledge, and 

Online construction education programs open doors to diverse career opportunities within the industry, attracting a talented workforce. A skilled workforce, in turn, contributes to economic growth by driving construction projects, infrastructure development, and job creation. 

The more education gained, the more benefits the company, the crew, and the worker receive. Multiple studies show “each year of education raises earning power by five to six percent with the effect tending to rise with the duration of education” (Glover et al., 1999). Education is the number one barrier to success. Access to foundational skills such as blueprint reading, estimating and bidding, planning and scheduling and understanding construction materials and processes will not only better engage employees, it will improve workplace practices, decision making abilities and morale. 

To best prepare for the backlog of work is the same solution for improving productivity and return on investment. Seeking online education for construction professionals allows maximum access to resources, tools, strategies, and engagement for years of benefit.

Get Started with Construction Education Courses 

Construction Experts Inc. is your gateway to advancing your career in the construction industry through our comprehensive online education programs. With a commitment to excellence, we offer a range of construction education programs and courses designed to equip you with the latest skills and knowledge needed to thrive in the dynamic world of construction.

View our course list or contact us with any questions you might have. 

References

An update to the economic outlook: 2023 to 2025. Congressional Budget Office. (n.d.). https://www.cbo.gov/publication/59431 

Glover, R. W., Long, D. W., Hass, C. T., & Alemany, C. (1999, March). Return-on-investment (ROI) analysis of Education and training in the construction industry. Electronic Library of Construction Occupational Safety & Health elcosh. https://www.elcosh.org/document/1561/d000132/Return-on-Investment+%2528ROI%2529+Analysis+of+Education+and+Training+in+the+Construction+Industry.html#2.1.3 

Zevin, A. (2023b, November 25). 2024 forecast: Non-building, manufacturing to lead the way. Engineering NewsRecord RSS. https://www.enr.com/articles/57707-2024-forecast-non-building-manufacturing-to-lead-the-way#:~:text=Overall%20construction%20starts%20are%20expected,%241.206%20trillion%20forecast%20for%202024. 

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