2025 Outlook2025 outlook falls short of expectations.
Construction ActivityBeyond the near term into 2025, a more challenging backdrop is expected with project backlog depletion evident in sustained construction starts declines, which are now more clearly eroding private non-residential construction activity.
Interest Rates ImpactLocal growth remains hampered by interest rates, although mega-projects are expected to ramp more consistently over the course of the year driving growth.