What’s in Store for Construction in 2023?
Despite surging mortgage rates and runaway inflation in 2022, contractors remained confident that strong backlogs could carry them through a volatile economic landscape. Though builders are bolstered by a steady pipeline of new projects in 2023, many challenges from the past year are expected to carry over into the 12-month period to come, Construction Dive reports.
Price hikes and shortages for some building materials are expected to ease, though more volatility is forecasted for 2023, and demand for skilled laborers will remain high with elevated job opening rates and rising wages continuing into the new year.
Labor has been an ongoing challenge in the past year, and while Bureau of Labor Statistics data showed more construction jobs were filled and fewer workers quit in October, the number of open jobs ticked back up in November.
As the overall jobs market shows signs of weakening, the industry may be able to benefit from more people seeking work. Still, upcoming federal spending promises to keep demand for construction workers high.