The construction industry is poised for continued growth in 2023, with a number of factors figuring to contribute to the trend. A major component is the ongoing need for housing and infrastructure development.
As our world population grows, there’ll be an ever-increasing demand for new homes, commercial buildings and transportation projects.
Also driving growth is the increased focus on sustainability and energy efficiency. Governments and private organizations alike are investing in green building initiatives, which will lead to more demand for environmentally friendly construction materials and open new opportunities for companies that specialize in sustainable building solutions.
Advances in technology are transforming the industry as well. Building information modeling (BIM) and other digital tools are becoming more widely adopted, which is helping to improve project management, design and construction processes. The use of drones, robots and other technologies is also increasing, helping to boost productivity and reduce costs.
In terms of regional trends, the industry is likely to see continued growth in developing countries, particularly in Asia and Africa. Regions there are experiencing rapid urbanization and population growth, which is driving demand for new housing and infrastructure. In developed countries, the industry is likely to see steady growth as well, with a focus on renovating and retrofitting existing buildings to improve energy efficiency and reduce costs.
Despite the overall positive outlook, however, there are challenges. Chief among them is the ongoing shortage of skilled workers, a global issue, and rising construction costs – particularly for materials – which makes it difficult for companies to remain competitive. The industry will need to look for ways to mitigate these challenges if it expects to maintain its forward momentum in 2023.
About Schneider Downs Construction Services
Led by a diverse group of shareholders and managers, Schneider Downs provides strategic and practical solutions for our construction clients in all facets of their business. Our dedicated team of more than 350 professionals have a wide background of tax, accounting, technological and business experience in the region, specifically in Pittsburgh and Columbus.
To learn more, visit our Construction Industry Group page.
