The focus on a potential widespread recession has intensified over the first part of 2023 and the construction industry, among others, is preparing for the impact of a severe economic downturn. While current project backlogs appear stable, contractors are preparing for a potential dearth of business by keeping costs to a minimum. Among the methodologies being used to keep construction costs in line are:
Like many industries, the construction sector has been strongly affected by the ongoing pandemic. According to the latest predictions, economic shortfalls may negatively impact construction and construction spending in the next few years. In addition, if the current recession mirrors that of 2007-9, construction projects may be halted indefinitely — or permanently.
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