Dodge Construction Network expects the total dollar value of construction to rise just 2% in 2023, but is set for a three-fold jump next year, said Sarah Martin, associate director of forecasting, in the group's mid-year industry outlook update on June 15.
Despite persistent inflation and worries surrounding the banking crisis, Dodge forecasts that the U.S. will avoid a technical recession. The strong labor market will allow “the economy to flip into positive territory in the third quarter, and then steadily rise from that point on,” she said.