First Quarter Construction Update: The Good, the Bad, and the UglyIssue 43 - First Quarter 2023
After a year of steady, albeit downbeat, economic dynamics, conditions are beginning to change. While many of the same challenges remain in place, including inflation and labor shortages, the construction industry now faces the cumulative weight of ten consecutive interest rate increases and tighter credit conditions due to fallout from the banking crisis. Even as inflation begins to subside, higher borrowing costs and what many expect will be a weakening macroeconomic environment pose substantial risks to the construction industry throughout the remainder of 2023.
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