b'12 ECONOMIC UPDATEConstruction Forecast 2024 Navigating a Tricky Economic TerrainFastenyourseatbeltsandenjoyther ide.Like airlinetravelersbracingforexpectedturbulence, theconstructionindustryispreparingforatricky operating environment in 2024O n the upside, the economy will continue to grow,We expect real GDP to grow 1.4% in 2024, although at a slower pace. Consumers andsaid Bernard Yaros, Jr., Assistant DirectorBy: Phillip M. Perrybusinesses are both feeling fairly optimistic,and Economist at Moodys Analytics (economy.com). unemployment remains low, capital investments areThats slower than the 2.1% increase expected when plugging along at a healthy pace, supply chains are2023 numbers are finally tallied, and below the 2.0%-improving, and the all-important housing market is3.0% considered emblematic of normal business burgeoning. growth. (Gross Domestic Product, the total value of the nations goods and services, is the most commonly Throwing cold water on the good times, though, isaccepted measurement of economic growth. Real a significant downer that no one can control: HigherGDP adjusts for inflation.)interest rates established by the Federal Reserve to control inflation are putting a damper on businessSlowing economic activity will affect the bottom activity. Economists are taking note by loweringline. Moodys Analytics expects a decline of 4.5% in expectations for the next 12 months.corporate profits for 2023 and only a modest recovery of 0.3% in 2024. The InsulatorDecember 2023'