Economic & Construction Trends for 2023
The outlook for the construction industry in 2023 looks promising across residential, non-residential, and infrastructure sectors. Major drivers of the market’s growth include the rising demand for housing and infrastructure, as well as increases in both urbanization and population growth. Emerging trends for 2023 offer a positive outlook on the construction industry, and Forming America is here to help you prepare, with a wide variety of concrete forms for sale. Demands on the construction industry continue to rise across the globe as economies react to the slow-down in previous years, and demand is trending toward an all-time high. Here is what you can expect with the overall construction market for 2023 and how Forming America can support you.
What to Expect with the Overall Construction Market for 2023
From the increase in infrastructure construction to the demand for green construction practices, the construction market has a lot to look forward to and plan for going into 2023. Here are a few expectations the construction industry should consider going into the new year:
Economic Outlook
The economic outlook is trending upward for the construction industry as demand continues to stay at an all-time high. Clients will continue to demand more from builders and contractors with high expectations in what continues to be a competitive market. The economic outlook continues to project more optimistically than in previous years because of strong gains in demand and growth. Consumer spending on goods and surprising growth and demand in both retail and manufacturing will result in increased demands for new builds and renovations going into 2023. Consumerism, commercial expenditures, and the demand on the nation’s housing market continue to provide a positive outlook for the construction industry.
Labor Challenges
The employment situation in the United States is somewhat at odds with the economic indicators because of labor shortages impacting the workforce. While the US economy continues to add millions of positions to the workforce since the pandemic, many businesses have multiple positions open with fewer candidate options than in the past. While you can expect labor shortages to continue into the new year, there are some experts who predict available workers will return to the workforce with less illness and demand on child-care and family responsibilities impacting job duties. The construction industry must continue to anticipate labor challenges and plan accordingly to avoid disruptions and delays.
Construction Demand
Demands on the construction industry continue to remain healthy going into 2023. While some experts are warning and bracing for an economic downturn, the demand for both residential and non-residential buildings continues to grow. A nationwide housing shortage continues to increase demand for new construction, while the government continues to invest in significant infrastructure projects. New project work and inquiries for future projects will continue to put a lot of demand on construction companies across the US in 2023. The commercial construction market can expect steady growth in retail along with potential improvements in the hotel and office sectors. Construction spending is projected to stay on the rise with healthcare sector demands for both new builds and renovations.
Construction Trends & Opportunities for 2023
The trends and opportunities for the construction industry in 2023 depend on a variety of economic, environmental, and socioeconomic conditions and demands. When trying to predict the construction outlook for 2023, here are a few trends and opportunities to consider:
Environmentally Friendly Practices: “Green Buildings”
Both residential and non-residential construction projects are seeing an increased demand for energy efficiency and green buildings. This demand for environmentally friendly practices is expected to continue into the new year as the US green building market continues to skyrocket. Many architecture firms and infrastructure projects are looking toward green building practices to meet higher standards, including better environmental and safety standards that offer sustainability and growth. The interest and demand for green buildings include increased focus and expectations for energy efficiency, water efficiency, renewable energy, and environmentally preferable building materials. Recent legislation also offers tax incentives for energy efficiency in commercial buildings, helping Americans save energy and tax money.
Steady Use of Rented Construction Equipment
Another extension of more green practices includes the steady use of rented construction equipment. As the construction industry works toward greener standards and practices, one way is through reducing the demand for new products and instead focusing on reusable and recyclable materials and strategies. Rented construction equipment requires less strain on the environment while also offering contractors a way to avoid the additional costs and demands of maintenance on owned products and resources. Forming America offers concrete forming and shoring equipment both for sale and for rent. Equipment rental allows you to get what you need now and return the equipment once your project is complete.
Emergence of Remote Construction Workers
Since 2020, the world has continued to see a trend in demand for hybrid and remote work opportunities. Construction companies were able to navigate strict safety protocols through the pandemic while still maintaining productivity. Many mobile construction apps and improved technology supported these efforts. As the demand for remote work continues, the construction industry is looking to improve upon existing and newly developed technologies that can offer mobile access while still maintaining the bottom line. Demand for digital tools and apps on the job site is expected to continue, along with exploration into remote worksites into 2023. Technological advances that support the emergency of remote construction workers can offer benefits in communication, documentation, and other administrative tasks to support the work on the ground.
Growing Construction Automation & Design Technology
The construction industry has also learned in recent years how to improve on automation and design technology. These trends are expected to continue going into 2023 and beyond as the construction industry strives to maintain productivity in an ever-increasing digital landscape. Many phases of the construction project can now be completed online and with automated processes designed with efficiency and productivity in mind. Design technologies and trends continue to develop, and the expectation for 2023 is that more construction projects will include modular building and design. Offsite builds and assembly on-site have created opportunities for faster construction schedules and incorporating more green solutions. Building crews can keep track of inventory with improved technologies while refurbishing and recycling materials to reduce the amount of energy and materials needed for each project.
Final Thoughts: The Construction Industry’s Future Looks Bright
With 2023 just around the corner, the future for the construction industry looks bright. In 2023, we expect high demand for construction services across multiple sectors along with technological advancements to bring a lot of opportunities for construction crews across the country. Increased interest and demand for green practices will also offer adaptable construction companies chances to keep up with and even stay ahead of the latest trends.
At Forming America, we are here to support your construction efforts by both renting equipment and selling products through our convenient online site. Consider renting equipment and supplies with Forming America so you can determine which products work best for your projects and deliver the expected results. Our team of professionals can guide you through all our concrete forming and shoring equipment rental options to help you save on cost and storage needs. Our rentals are always top quality, and we provide excellent customer service from start to finish so that you can depend on Forming America for all your concrete forming and shoring equipment needs.