Despite enduring its share of challenges over the past 18 months, the construction industry has recovered quickly by most measures. Employment is nearing pre-pandemic levels, new construction starts are growing and demand for architectural work remains strong. Yet two big challenges remain for construction.
- First, supply chain delays and record-high cost increases continue to put pressure on project execution and profitability.
- Second, the delta variant and future waves of the pandemic have the potential to slow economic growth, weaking the construction rebound and calling into question some of the rosier predictions for 2022.
What does this mean for the remainder of 2021 and beyond? The report covers 2021 construction stats and key forecasts for construction, including total construction costs, construction material costs, and construction labor costs.