Construction Industry Remains Tenacious Through Uncertain Times

2023 Fourth Quarter Pricing and Trends Influence Outlook

Economic uncertainty continued to affect the construction industry throughout 2023 and in the final quarter of the year. The cost of services remained high, and labor shortages across the country have been impactful. The industry is facing an astounding 450,000 construction job openings. Despite apprehensions, the construction industry overall has remained resilient in the face of higher borrowing costs, inflation and workforce challenges.

Let’s look at how the construction industry has responded to the market volatility over the last quarter of 2023.

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