Although ENR’s indexes measure the costs of non-residential buildings, the housing market has had a major impact on index movement.

Manufacturing and infrastructure construction remain strong spots for the industry.

The new BART headquarters in downtown Oakland, Calif., features nine office floors, a rooftop deck and public board room on the ground floor of the building. The 234,000-sq-ft design-build project was held to a tight ten-month timeline.

Construction activity has remained fairly strong in the fourth quarter of the year, despite continued challenges with inflation, labor and the supply chain.

Interest rates, labor and supply issues could push U.S. into a recession in the coming year.

Inflation, rising interest rates and a possible global recession continue to top the list of forecasters’ concerns for the coming year.

Interest rates have slowed residential work, but manufacturing is up 196% this year and will remain strong in 2023, pushed by new federal incentives.

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.

Higher borrowing costs, increasing market pessimism and growing recession risks are combining to slow industry hiring, says ABC economist.