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M-F 7am - 5pm

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M-F 8am - 5pm

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Sales: Blake Wilson

Parts/Service: Terry Nichols

Construction Trends 2023

Reports are still surfacing on the long-term effects of the pandemic and of the 2020 recession, and the American Institute of Architects (AIA) Consensus forecasts a great year for non-residential building construction in 2023!

This report analyzed several different categories of building and concluded overall that the construction industry did not stagnate during the crisis. The healthcare sector, for example, never declined during the pandemic, and gains are expected to increase 5-6 percent through 2023.

School building construction and renovations went on hold during the pandemic, since students across the country were learning remotely and there was no need to renovate or build. However, in-person attendance is expected to produce a construction industry gain of 2-percent this year and 5-percent from there in 2023.

The pandemic increased the desire for new and improved entertainment and recreation facilities. Of course, this is great news for the construction industry. The forecast predicts 7 – 9 percent increases this year in that arena as well.

Although this all sounds like great news for construction businesses, there are certainly some economic hurdles to overcome. Economists are not optimistic and predict that an economy-wide recession remains imminent. Rising interest rates and inflation, consistent stock market declines, and consumer fears (sparked primarily by rising gasoline prices) remain at hand, and only time will tell how quickly this may affect all industry.

Housing construction remains a significant predictor of the state of the building industry. Seeing a 7-percent increase in 2020 and 16 percent increase in 2021, homeowners are now being hit with increased house prices and mortgage rates. This concerns some enough to believe the industry is not yet out of the woods entirely. But overall, the AIA concluded non-residential building has a solid foundation for continued growth through 2023.

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