Coming In for a Landing

To say the news has been active over the last few weeks and months is a bit of an understatement, especially if you are a fan of politics, but let’s leave that nugget right there, as this is certainly not a forum for political debates.

Inflation also remains a popular topic, especially for those in the construction space, as we want to know how the market will react to inflation and which construction sectors may be impacted, and to what degree.

With those thoughts in mind, we’d like to share our most recent “Today's Construction Economy” report from MOCA Systems, Inc., Chief Economist Tom Sanders.

The data in Tom’s report suggests that the much-anticipated recession has not arrived, and an increasing number of experts feel it won’t — we are more likely to be in for a soft landing. 

While construction labor and materials are still relatively expensive, inflation is easing, and selling price escalation should recover closer to the 3% historical average. 

Some additional takeaways from the report include:

• Nonresidential construction spending continues to drive toward all-time highs, primarily aided by selling price inflation rates
• Finding affordable construction labor rates is still the biggest challenge for new projects
• Construction materials pricing has come down dramatically, and even oil and steel are now at reasonable levels

In addition to Tom’s full report, you can see some additional insights on the construction economy in a video series by Tom on our YouTube channel.

The Touchplan Team

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