Dodge Mid-Year Outlook Sees Dip in Commercial, Slight Uptick in Institutional
June 20, 2023
Dodge Construction Network released its Mid-Year 2023 Construction Outlook, posting predictions that overall construction will slow to 2% in 2023 due to many factors, including material prices, interest rates increases, inflation and uncertainty in the banking sector.
Commercial construction to see drop in activity
The report predicts a dropoff in commercial construction especially. Analysts say the sector will see a 5% decline in starts to $158 billion. Data centers will remain an area of growth.
Institutional sector to see modest recovery
The report suggests a slightly positive uptick in institutional building in 2023. Health care and government buildings will be growth areas.
