The construction industry entered 2022 alongside broad economic recovery from the COVID-19 pandemic, with an outlook tempered by record high materials costs, construction labor shortages, and continuing supply chain disruptions.
Hopes for a near-term return to normal were dashed by the Russian invasion of Ukraine late in the first quarter, as the conflict and global economic sanctions have further disrupted critical material markets.
Additionally, the US construction labor market is exceptionally tight, with notable wage growth and demographic shifts amidst increasing demand.
How will all of this play out for construction over the coming year? JLL’s H1 2022 Construction Outlook launched today. Some of the questions answered in the Outlook include:
- What are construction cost increases forecast at over the next year?
- What is the impact of current global conditions on critical materials and related supply chains?
- How has the construction labor force changed over the pandemic?
