ENR’s Construction Industry Confidence Index fell four points this quarter, to a rating of 40. Confidence in the current construction market is virtually unchanged, but execs have become more pessimistic about the short- and medium-term future.
Prices for used construction equipment have continued to show signs of stabilizing over the last few months, a trend also seen in other heavy equipment categories.
Despite inflation, labor shortages and other troubles plaguing the construction industry, some sectors continue to thrive, but others face difficulties as demand for growth slows.
For many contractors in 2022, concrete availability and pricing have been serious pressure points, and observers have varying opinions on whether this could continue into 2023.
It has been a rough few years for construction equipment sourcing, as pandemic-related supply chain constraints and inflation drove up prices during busy construction seasons, but there are some signs that prices for used equipment are beginning to even out.
Construction activity has remained fairly strong in the fourth quarter of the year, despite continued challenges with inflation, labor and the supply chain.
After years of steady increases, wages for many craftworkers have jumped recently, pushed up by the pressures of a hot economy, high inflation and labor shortages.
Recession fears, inflation and other issues plaguing the economy in the first half of 2022 have persisted through the third quarter. While most construction sectors have been successful throughout this year, questions regarding what’s to come in 2023 loom large as we head toward the end of the year.