Americas Office Fit Out Cost Guide 2024

LABOR CONSTRAINTS CONTINUE TO IMPACT COSTS AND TIMELINES

The construction sector has been adding a significant number of jobs across the Americas, but labor constraints persist in many of these countries. > In the U.S., construction jobs have been added at a much faster rate than overall employment over the last 10 years. Residential construction ebbed

in 2023 but commercial building construction employment grew 4.9% YOY. That growth rate would have been even higher if more open positions were able to be filled.

CUSHMAN & WAKEFIELD, PHILADELPHIA

CONSTRUCTION EMPLOYMENT OUTPERFORMS IN MOST COUNTRIES

TOTAL AND CONSTRUCTION EMPLOYMENT

YOY EMPLOYMENT GROWTH

ANNUALIZED 10-YEAR GROWTH

Construction Employment YOY Total Employment YOY

Construction Employment 10-year Total Employment 10-year

-8% -6% -4% -2% 0% 2% 4% 6% 8% 10%

10%

Off Chart 21%

7.5%

6.5%

8%

4.7%

6%

2.6%

2.2%

1.9%

3.7%

4%

2.5%

2.3%

1.4%

2%

0.9%

0.7%

0.2%

0%

-2%

-6.8%

-3.1%

-4%

Source: Moody’s Analytics, Cushman & Wakefield Research

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Cushman & Wakefield