The U.S. construction industry experienced a surge in demand in the years following the COVID-19 pandemic. The intense real estate market during the pandemic highlighted the shortage of housing stock across the United States. Between 2020 and 2022, private construction spending rose rapidly, fueled by a wave of new housing starts. In April 2022, housing starts reached their highest level in more than 15 years before declining to pre-pandemic levels as mortgage rates climbed. And just as private construction activity began to plateau, funding for public projects became available—most notably through the Bipartisan Infrastructure Law —driving growth in public-sector construction spending.

Today, however, the outlook for the construction industry is less certain amid economic headwinds,

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