Construction Market Report Spring 2022
The construction industry is still moving at a brisk pace, although some leading indicators are showing signs of slowing. Commodity and supply chain challenges continue, amplified further by the war in Ukraine. The continued interest rate hikes will eventually slow the economy, but it will take some time as the pent-up backlog caused by the pandemic works its way through the pipeline.
As we move forward, we anticipate an average inflation rate of 1% to 1.5% per month for the remainder of 2022. This rate should taper off in 2023 as the backlog decreases.
According to Engineering News-Record (ENR), the Industry Confidence Index rose 1 point after falling the two previous quarters. The Index of 61 points indicates positive growth in the near term.
Download the full Spring 2022 Market Conditions Report below for more insights and detailed information on today’s construction market.