The Royal Institution of Chartered Surveyors (RICS) and American Association of Cost Engineering (AACE) USA Construction Monitor for Q1 2024 found the construction sector appears to be turning the corner.
Reported construction activity climbed to a reading of +40 percent in the first quarter of the year, a rise on the +23 percent reported in the previous quarter. It's the firmest reading since early 2022, although it reflects momentum in the sector and is not a direct reflection of the activity itself.
Construction activity beyond infrastructure also has a more upbeat tone. Significantly, residential and nonresidential activity feedback strengthened meaningfully, from +14 percent in the prior quarter to +27 percent, and +18 percent to +34 percent, respectively.
The responses to the credit indicators included in the RICS-AACE survey point to little change over this quarter but signal that some modest easing should come in the second half of the year. A net balanc
