A recent article published by the Associated General Contractors of America (AGC) states that construction contractors expect increasing demand for numerous types of projects in 2022 despite ongoing supply chain and labor shortages, “Contractors are, overall, very optimistic about the outlook for the construction industry in 2022,” said Stephen E. Sandherr, the AGC’s Chief Executive Officer. “While contractors face challenges this year, most of those will be centered on the need to keep pace with growing demand for construction projects.”
The article states that the highest expectations were from the private sector categories, including warehouses, healthcare facilities, clinics, testing facilities, and medical labs. They also were optimistic about multifamily residential construction.
An excerpt from the 2022 Construction Hiring and Business Outlook Report states, “Despite the generally optimistic outlook, contractors expect to encounter several significant challenges this year. Chief among those challenges are supply chain problems that are making it hard to budget for and procure key construction materials. Workforce shortages remain severe and are making it difficult for contractors to keep pace with demand.” The report does state, “Contractors are taking steps to cope with these challenges. They are finding alternative suppliers and materials to use in their projects. They are boosting pay and adding other incentives to attract new workers. They are raising bid prices to reflect higher materials costs and building more time into their construction schedules to accommodate supply chain obstacles. And they are adopting new technologies designed to bring efficiencies into their operations.”
Please visit The Associated General Contractor article and 2022 Construction Hiring and Business Outlook Report below to learn more.
News Article: https://lnkd.in/gnuuKKtC
2022 Construction Hiring and Business Outlook Report: https://lnkd.in/gVRKZVPP
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