The Project Stress Index (PSI) composite closed November 2024 at 119.8, rising 14.7% from a revised October reading of 104.5.

Sharp increases in on-hold (29.4%) and abandonment (31.9%) activity drove the month-over-month increase. The month's reading is a new high for the PSI following its August 2024 low of 87.9. Conditions are 20% above the average 2021 level, and the composite remains more than 5% below the level from the start of the year.

ConstructionConnect's Chief Economist Michael Guckes noted: "Since the Federal Reserve began adjusting the Federal Funds Rate lower in mid-September, the PSI has made multiple drastic monthly moves, ranging from a 14% decline to a 17.6% increase."

"The election of President-elect Trump has brought with it many ideas and plans that could substantially shift the business landscape and impact both existing and prospective commercial real estate owners and developers."

"Until regulatory conditions begin solidifying in 2025, we may continue to see unusual volatility in stress conditions. In particular, if trade becomes severely disrupted between America, Canada, and Mexico, it could significantly impact the pricing and availability of critical construction resources." Guckes continued.