Construction Market Report Summer 2023

It is not typical for construction costs to go down. Although commodity prices have improved for some products, labor rates continue to increase. The shortage of skilled workers is an ongoing issue for most contractors. Wages for skilled labor are up 5.7% annually.

Subcontractors have steady backlog and there is no motivation for them to get aggressive with pricing. Double digit inflation is behind us; the current escalation outlook for the next 12 months is 3-6%. The economy is beginning look more like a soft-landing vs. an all-out recession.

Download the full Summer 2023 Market Conditions Report below for more insights and detailed information on today’s construction market.