The collision of housing demand and an imminent recession due to the Federal Reserve's battle with inflation has Dodge Construction Network predicting that total US construction starts will be unchanged in 2023 at $1.08 trillion.
When adjusted for inflation total construction starts will dip 3%, it announced during its 2023 Dodge Construction Outlook last week.
Richard Branch, chief economist for Dodge Construction Network, said in prepared remarks, "The economy is slated to significantly slow, unemployment will edge higher, and for parts of the construction sector it will feel like a recession."
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
