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Construction starts are once again increasing after a slowdown in the fourth quarter of 2021. But labor shortages continue, and after a brief decline, materials prices are again climbing, caused partially by the war in Ukraine.
The construction equipment sector is still working through supply chain issues that bedeviled it in 2021, while an active construction market ikeeps machines in use longer and constrains the flow of used iron into the normal secondary channels.
ENR’s Construction Industry Confidence Index remained steady in Q1, rising slightly to a rating of 61, a one-point bump from the final quarter of 2021. The index had fallen the previous two quarters.
As the height of the pandemic continues to recede, contractors still face several ongoing issues, including sky-high materials prices and staff shortages.
The U.S. Commerce Dept. on Nov. 24 followed through with expected anti-dumping and countervailing duties on Canadian softwood lumber, placing tariffs of 17.99% on their imports—more than twice the 8.99% rate imposed during the Trump administration.
The logistical snarls in the global supply chain that have disrupted so many other aspects of construction have put pressure on the equipment supply, which combines with the high level of demand to keep sales and resales brisk.
Over the past year, consultant Currie & Brown’s global construction cost experts have reported consistent market trends and headwinds. Common experiences in all regions were post-pandemic recovery and historic hikes in materials prices.