Construction Market Report Fall 2022
Despite rising interest rates the resilient construction market remains strong through the 3rd quarter bolstered by multifamily, commercial, manufacturing, mission critical and public projects. The single family home market has seen a significant drop in housing starts as affordability eludes prospective buyers. This is generally a precursor to a more wide spread slow down.
Moving forward, we anticipate a 1% per month inflation rate through the end of 2022, and 1/2% to 3/4% per month in 2023.
According to Engineering News-Record (ENR), the Industry Confidence Index stayed the same as last quarter at 44 which shows signs of pessimism for the volume of future construction activity.
Download the full Fall 2022 Market Conditions Report below for more insights and detailed information on today’s construction market.