Major infusions of federal spending such as the $1.2-trillion Infrastructure Investment and Jobs Act are poised to help keep the U.S. construction industry growing even as the pace of building in some sectors slows, says Stephen Sandherr, CEO of the Associated General Contractors of America. But the law’s impacts have been limited so far, he adds, while discussing AGC’s 2023 outlook, released Jan. 4.
The forecast, based on survey results from more than 1,000 AGC members, indicates contractors are expecting declines in the value of projects they bid on in retail, office and lodging markets, and nearly no growth in multifamily residential construction this year. Meanwhile, contractors “have remained relatively bullish” on most categories, including market sectors driven more by public funding, such as bridges and highways, transportation and water and sewer construction, Sandherr says.