As 2024 commences, sports facility construction companies can anticipate a more stable phase in material pricing, contrasting the fluctuations of recent years. This shift, outlined in a Q1 report with contributions from industry leaders at Gordian, Mortenson, Messer Construction Co., and The Beck Group, signals a steadying of the construction sector. 

Read the full report on the Gordian website. 

Key takeaways:

• Overall Stabilization: There’s a general trend towards stabilizing material prices in the construction sector.
• Supply Chain: Supply chains are stabilizing, but there’s still a recommendation to plan for annual cost escalations of 3% to 5%.
• Labor Availability: Growing concerns about skilled labor availability persist, which could strain the construction sector.

Looking ahead:

• Predictions for 2024: Continued stability in material pricing, with a slight overall decrease in costs reported in 2023.
• Labor Market Pressures: The tight labor market remains a key challenge, influencing project planning and cost.