construction market trends

The general market trends impacting construction for 2023 / 2024 appear to be moderating with some remaining pressure on cost and supply chain.

The construction industry lags leading indicators, and the general construction industry has begun reacting with a pullback on capital investment in some sectors, most notably development activity. Other sectors appear to remain stable and the overall industry volume for 2023 is forecasted to be flat or slightly down compared to 2022. With 2022 demand at a strong level, 2023 will remain robust even with a potential slight decline in activity.

Labor remains saturated in many sectors and the capacity of subcontractors continues to be challenged with manpower and schedule commitments. Nearly 40% 0f the continental United States is experiencing average, above average, or high growth in construction. Only four (4) states expect a shrinking market this year. Volatility remains high with construction at 3.7% above the all-time high.

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