Following a challenging couple of years, findings in our Q1 Flash Report indicate the industry is on the rebound—confirming our predictions from the Citi Hildebrandt Client Advisory Report last fall. With activity on the rise, as well as strong revenue and solid inventory growth, all signs point to a positive 2024.

Strong revenue growth outpaces expense pressure

In Q1, the industry delivered strong double-digit revenue growth (10.8%), which outpaced continued expense pressure. Revenue growth was driven by a rebound in demand, an increase in the dollar value of hours logged and collection of 2023 year-end inventory.