Despite the “meticulous scrutiny” required, projects are considered “a strategic choice” since they can use existing inventory such as commercial office space rather than start new construction, he says. Health care is also growing, with more facility expansions, Stevens says, “a response to ... network consolidation and growing demand for medical facilities in the wake of the pandemic.” 

Residential construction also is “in high demand,” but it faces inflation, rising costs and labor shortages, among other challenges, he says. This has developers and contractors considering modular construction and other alternative methods as well as new material choices to boost project timelines. 

“We expect the Hartford market to flatten out and begin to inch forward as interest rates hold steady or begin to adjust downward in Q3/Q4,” Stevens says. While demand definitely exists, “the real test is in the financial feasibility of each project.”