First Quarter Construction Update: The Good, the Bad, and the UglyIssue 39 - First Quarter 2022
Entering 2022, the construction industry faced two primary issues: rising costs and shortages of labor and materials. Of course, these two issues are fundamentally linked. Though the pandemic’s hold on people’s lifestyles began to ebb during 2022’s initial quarters, the supply chain issues facing contractors became more severe. Russia invaded Ukraine on February 24, and China has engaged in strict lockdowns in a number of key manufacturing districts. On top of that, the Federal Reserve began a process of ratcheting interest rates higher. In short, the life of the typical contractor became far more complex during a first quarter that was supposed to usher forth simpler times.
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