{"id":81289,"date":"2022-07-27T11:00:00","date_gmt":"2022-07-27T15:00:00","guid":{"rendered":"https:\/\/retrofitmagazine.com\/?p=81289"},"modified":"2022-07-26T15:46:48","modified_gmt":"2022-07-26T19:46:48","slug":"dodge-construction-network-report-addresses-economic-trends-impacting-construction-industry","status":"publish","type":"post","link":"https:\/\/retrofitmagazine.com\/dodge-construction-network-report-addresses-economic-trends-impacting-construction-industry\/","title":{"rendered":"Dodge Construction Network Report Addresses Economic Trends Impacting Construction Industry"},"content":{"rendered":"\n

Commercial construction experienced continued growth in Q2 of 2022 despite mounting economic uncertainty, according to a new quarterly report from Dodge Construction Network released today.<\/p>\n\n\n\n

The report, titled Momentum Amid Uncertainty: Dodge Construction Network Q2 Report<\/em>, reflects on the industry’s growth, broader economic trends impacting the construction economy across Q2 2022 and how the sector is weathering those challenges.<\/p>\n\n\n\n

Construction\u2019s Future Contingent on Two Assumptions<\/strong><\/h4>\n\n\n\n

In the report, Richard Branch, chief economist at Dodge Construction Network, states that for improved growth in commercial construction, three major trends must continue: decreased pandemic impact and successful inflation mitigation.<\/p>\n\n\n\n

Commercial construction has continued to weather the challenges posed by the COVID-19 pandemic. However, worker shortages, shifted safety standards and expectations, and increased materials costs are beginning to fade as hurdles, a welcome reprieve from a difficult period for the industry. <\/p>\n\n\n\n

The U.S. economy must stay contained for successful construction growth. The Federal Reserve indicated consumer price inflation<\/a> rose<\/a> from 5.8 percent in December of 2021 to 6.3 percent in April\u2014the highest increase since the early 1980s.<\/p>\n\n\n\n

\u201cWhat\u2019s worse than high inflation and low unemployment is high inflation and a recession with millions of people out of work,\u201d says Branch. \u201cThe federal government is tasked with striking a delicate balance here.\u201d<\/p>\n\n\n\n

Infrastructure and Broadband Access<\/strong><\/h4>\n\n\n\n

The report found that infrastructure remains a positive area within the US construction sector as funding from the Infrastructure Investment and Jobs Act (IIJA) enters the market. Current data doesn\u2019t yet show an immediate impact, but the positive trends and innovation from this funding will likely be more apparent in the immediate future.<\/p>\n\n\n\n

One of the most important applications of the IIJA is expanded broadband access. Beyond its benefit to everyday Americans, the report finds that this improved access can have an enormous impact on rural construction firms. Historically, construction has struggled to evolve its technology. Much of the impressive technology available has only been accessible to large firms \u2014 this broader broadband access will address that deficiency.<\/p>\n\n\n\n

\u201cThis technology is critical to increasing productivity by way of efficiency and improving safety and onsite operations,\u201d says Branch. \u201cIt\u2019s a welcome addition to the commercial construction infrastructure \u2014\u00a0connecting firms to one another in new and innovative ways.\u201d<\/p>\n\n\n\n

To learn more about the economic benefits and implications across Q2 2022 and what it means for the future of the construction economy, download Momentum Amid Uncertainty: Dodge Construction Network Q2 Report<\/em> from Dodge Construction Network here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Commercial construction experienced continued growth in Q2 of 2022 despite mounting economic uncertainty, according to a new quarterly report from Dodge Construction Network released today. The report, titled Momentum Amid Uncertainty: Dodge Construction Network Q2 Report, reflects on the industry’s growth, broader economic trends impacting the construction economy across Q2 2022 and how the sector<\/p>\n","protected":false},"author":95,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":".@DodgeData Report Addresses Economic Trends Impacting Construction Industry ","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[201],"tags":[42378,38923,42379,233,42376,42377],"ppma_author":[48795],"jetpack_publicize_connections":[],"yoast_head":"\nDodge Construction Network Report Addresses Economic Trends Impacting Construction Industry - 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