Speaking to attendees of Viewpoint’s “Connected Construction at Work” virtual conference on May 18, Steve Jones, senior director, Industry Insights Research at Dodge Data & Analytics, foresees a largely promising future for the construction economy – one that could be even brighter if Congress passes even a scaled back version of President Biden’s proposed infrastructure spending proposal.
Dodge Data expects construction starts to bounce back this year and next from a 9% decline in 2020 brought on by pandemic influences – what Jones describes as a “blip” compared to the steep double-digit drops of the Great Recession. U.S. total construction starts are forecast to be up 4% in 2021, moving from $778 billion to $810 billion, before climbing another 8% in 2022 to $877 billion and surpassing even the 10-year high point of $856 billion in 2019.
Outlook by Sector
ACBM staffSome sectors of the construction economy will see greater gains than others. According to Jones,…