The state of the construction industry halfway through 2023 is mostly positive due to more normalcy in pricing for material goods and overall demand – especially from publicly funded projects – but hiring and wages remain a challenge and the sector overall is slowing, according to a new report from JLL.
JLL said construction starts fell rapidly in Q2 as financing constraints weighed on what is a hot-turned-cold market.
The positives are strong infrastructure and nonbuilding demand, which stabilized construction backlogs and architectural billings in the first half of this year, "offering resilience against a softening market," JLL said.
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