Construction Market Report Spring 2023

Economic indicators are mixed, and the question remains whether we will have a recession or a soft landing in 2023. Construction executives’ faith in the economy has rebounded significantly, although they are still pessimistic overall. Architecture firm billings remained “soft” for the fifth consecutive month. The pace of decline remains relatively modest, which could indicate a shorter slowdown at firms rather than a more dramatic downturn and full-blown recession.

The construction industry is gaining new trade workers, and the pace of new hires once again out paced the rate of job openings. This provides some relief for employers, however, the need for qualified workers is still very high as older workers from the baby boomer generation retire or switch employment for less physical occupations.

Moving forward, we anticipate a 1/3% to 1/2% monthly increase over the next six months. Keep in mind there are regional differences and product type differences. Some markets, like residential, are much softer, while industrial and infrastructure sectors remain strong.

Download the full Spring 2023 Market Conditions Report below for more insights and detailed information on today’s construction market.