Third Quarter Construction Update: The Good, the Bad, and the UglyIssue 41 - Third Quarter 2022
The third quarter of 2022 saw the construction industry grapple with the same issues that affected it in the first half of the year: labor shortages and extraordinarily elevated materials prices. While those two factors continued to drag on the industry, rapidly rising borrowing costs and a weakening global economy have emerged as potentially greater threats to industry momentum. While certain segments, like manufacturing-related construction, remain strong, the construction outlook continues to deteriorate as recession in 2023 become increasingly likely.
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