By Jessica LombardoDodge Data & Analytics has released their 2022 Construction Industry Outlook, expecting modest growth of 6% for the next year, despite challenges with labor, supply chains and productivity The last two years have been challenging, to say the least. As we begin to emerge from the COVID-19 pandemic, Dodge Data & Analytics is predicting a 6% rise in construction starts for 2022 and a “bright and busy future” for the industry. “We expect total starts to be above 2019 levels in 2022, mainly due to the residential sector,” Richard Branch, chief economist for Dodge said during their quarterly economic forecast event. “Quarterly growth rates will be slow over the course of the next year however. It represents an economy that is getting off a sugar high and getting in to a more sustainable growth pattern.” Impact of Infrastructure Bill With the lack of funding certainty associated with the FAST Act expiring this year, spending for non-residential projects was flat in 2021. “The flat growth in 2021 was due to the short-term extension of FAST Act funding levels at a flat rate,” Branch said. “States are cagey in bringing projects forward until they get an indication from Washington as to what that infrastructure bill will be. Projects and spending will not be announced until then.” READ FULL ARTICLE>>
