2025 Engineering and Construction Industry Outlook
The construction industry in 2024 was defined by strong fundamentals, marked by a 10% increase in nominal value added and a 12% increase in gross output.1 Construction spending crossed US$2 trillion and maintained a balanced trajectory in the first half of 2024.2 Despite facing a pervasive talent shortage, the sector’s employment level reached 8.3 million in July 2024, surpassing its previous peak of 7.7 million from 2006.3 This number has been increasing steadily for more than a year now. The Dodge Momentum Index (DMI), a measure of nonresidential building spending, has been on a steady rise in the second quarter of 2024,4 reflecting growing confidence in market conditions among owners and developers.