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The construction industry is no stranger to challenges. Labor shortages, volatile costs, and disruptions in the supply chain have become the new normal, making it increasingly difficult for contractors to deliver successful and profitable projects.
Steep inflation has exacerbated what was already a volatile market for construction materials, complicating specialty contractors’ efforts to navigate the post-pandemic environment.
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.
Looking to 2020, the anticipated theme of the global economy is uncertainty, as countries around the world wait for clarity over future trading arrangements. Construction activity will slow as long as these geopolitical discussions linger.