Wells Fargo released its 2023 Construction Industry Forecast, a survey designed to gather insights on sentiment and current business conditions in the construction industry. The results suggest a level of cautious optimism prevailing among nonresidential contractors and distributors. Most notably, respondents shared several top concerns, including the availability of skilled workers, rising interest rates, economic uncertainty and supply chain disruptions. Despite the economic challenges of 2022, the non-residential construction industry largely maintains a hopeful long-term outlook for 2023.
“Adapting to ongoing economic uncertainty and impacts of increasing interest rates are two of the primary concerns for construction executives,” James Heron, national sales manager for the equipment finance construction group at Wells Fargo, said. “Despite a number of market variables, the level of optimism reflected in the 2023 forecast survey confirms industry leaders maintain a deep-seated belief in economic recovery.”
Key findings in the 2023 Construction Industry Forecast include:
Cautious optimism remains the dominant sentiment within non-residential construction
Top risks, financial concerns, and opportunities
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