Construction owners optimistic despite inflation, etc…

Today’s construction small business owners are facing many pandemic-induced challenges, including supply chain constraints and labor shortages, and 60% are struggling according to a recent Federal Reserve survey.

A recent survey from Nationwide highlighted construction owners’ top concerns and their outlook for business in the year ahead. The study showed that costs are top of mind with 78% of business owners saying costs were a challenge last year, and another 78% expecting materials to get more expensive in the foreseeable future.

Despite the increased barriers, more than three-quarters of homeowners have plans for more home renovation work in 2022 beyond their current projects and only 5% expect to halt those plans due to supply chain and inflation challenges. Sustained demand has 7-in-10 construction owners optimistic about their business in 2022 and 63% say they’re booked for a month or longer.

For more information on the Nationwide survey, view the release, survey results and infographic here.

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