As the height of the pandemic continues to recede, contractors still face several ongoing issues, including sky-high materials prices and staff shortages.
“With 2021 in the rearview mirror, signs are pointing to stronger growth for the construction sector in 2022,” says Richard Branch, chief economist at Dodge Construction Network. “However, prices for construction materials continue their ascent and skilled labor has become even more scarce, meaning construction projects are taking longer to break ground.”
Julian Anderson, president of Rider Levett Bucknall, agrees. “Uncertainty is rising as everyone involved in the process tries to juggle getting the work done …against a backdrop of a [potentially] post-COVID world, in which interest rates are set to rise, and Russia upends global stability with its invasion of Ukraine.”