Throughout 2023 the U.S. construction industry gained momentum from legislation such as the Infrastructure Investment and Jobs Act, the Creating Helpful Incentives Produce Semiconductors Act and the Inflation Reduction Act. These acts aimed to rebuild infrastructure, prioritize clean energy initiatives and foster job creation. While high interest rates and inflation caused slowdown among some sectors, overall, companies within the PHCP-PVF industry enjoyed a successful year.
Heading into 2024, the above legislations are still at play as many areas of the country have yet to see the effects of funding. Additionally, manufacturers and distributors face the uncertainty of an election year, ongoing skilled labor shortages, and lingering supply chain disruptions along with other challenges. Despite these impending factors, PHCP-PVF experts remain positive for the outlook of this year, citing technology advancement, housing demand and the societal push toward greenhouse gas emission elimination as reasons for expected growth.