2019 was a time of ups and downs for the U.S. economy and the construction sector weathered a few challenges to its economic outlook as well.
Overall the industry did well on many levels despite warnings from economists, pundits and others pointing to a slowdown of the U.S. economy. To the contrary, many construction leaders reported that business had never been better.
While there were several bright spots this year, including low interest rates, high consumer confidence and a pickup in residential construction, some indicators pointed to a slowdown. For instance, the U.S. gross domestic product fell from 3% in the first quarter to 1.9% in the third.
The continuing labor shortage was a big factor complicating the economic outlook for contractors and their subs. In addition, the persistent trade war between the U.S. and China brought another level of uncertainty that had many in the construction industry wondering how to price out jobs that won't be completed for years into the future.
These competing indicators make it hard to pinpoint how the industry will do next year, economists say. Read through Construction Dive's coverage of some of the biggest economic points of 2019 to formulate your predictions.