As the fourth quarter begins, the construction market has proven to be much more active than previously expected. Initially, people predicted that the pandemic would lead to a slump in the market for years to come.
The opposite appears to be true: the market is expected to grow by just under 3% this year, with much of that yet to happen.
This growth is expected to be strongest in the residential sector, as the pandemic has created ideal conditions for a boom in residential construction. This is expected to wear off by the end of the year as people return to their pre-pandemic lives. Forecasts for the infrastructure sector are also much more robust than initially expected, as a proposed federal infrastructure plan makes its way through congress.
* Other structures include religious buildings, amusement, government communications, and public recreation projects.