Construction Quarterly by FORVIS – Confidence Wanes While Backlogs Remain

The construction industry came barreling out of 2021 with high hopes for what was to come. Even with supply chain uncertainties, labor shortages, and ever-changing local restrictions, 2021 was a boom for most, and this trend continued well into 2022. In fact, many contractors continued to report revenue growth through the final months of the year. 

But financial performance is only one piece of the puzzle. Outlook and optimism matter, too. As we start off 2023, we need to ask ourselves: Have industry sentiments changed? 

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Below is a quick snapshot of what you can expect from this commentary:

• Backlogs – The Growing Concern Around Inflation
• Succession – Why Now
• Talent – Migration of Skilled Workers and CHIPS Act
• Cost Concerns – Tax Credits

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