If you study construction trends, forecasts, and challenges, you may feel a lot of confusion. There are many seemingly inconsistent predictions for 2023.
- 2023-2024 non-residential construction will slow (Forbes).
- 2023 non-residential construction spending will increase (bdcnetwork.com).
- It appears 2022 non-residential construction input prices were 11.5% higher than in 2021 and forty percent higher than 2020. There’s no reason the new year shouldn’t see a similar trend.
- Multifamily construction on the rise (October 2022)
- Multifamily construction is fading (November 2022)
- What’s likely: Multifamily construction starts will be rising during 1Q23 but be less overall in 2023 than in 2022.
All 2023 predictions/contradictions have legitimacy based on facts and analyses. The best we can do is continue to read what’s shared by reputable sources and apply our own, local economics knowledge and logic to national construction trends.
Translation: Your guess is as good as theirs.
- Cybersecurity will experience greater risks from work-at-home employees and international, state-sponsored attackers.
- Supply chain woes will continue but stabilize.
- Continued AI/machine-learning advances
- Customer-centricity increases
- Increased e-commerce and dramatic supply chain shifts
- Use of real-time supply chain analytics/IoT increases
- Visibility/transparency improves supply chain processes and tracking
- Sustainability will continue to influence construction trends in every sector.
- Materials to watch:
- Bamboo, sheep’s wool, stainless steel
- Recycled bricks, glass, metals, plastics, rubber, timber
- Materials to watch:
As we strive to envision the future of construction trends, it’s like your optometrist flipping a lever and asking, “Is it better, worse, or about the same?” The answer is “Yes.”
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