2023 Construction Forecast

The construction industry is poised for continued growth in 2023, with a number of factors figuring to contribute to the trend. A major component is the ongoing need for housing and infrastructure development.

As our world population grows, there’ll be an ever-increasing demand for new homes, commercial buildings and transportation projects.

Also driving growth is the increased focus on sustainability and energy efficiency. Governments and private organizations alike are investing in green building initiatives, which will lead to more demand for environmentally friendly construction materials and  open new opportunities for companies that specialize in sustainable building solutions.

Advances in technology are transforming the industry as well. Building information modeling (BIM) and other digital tools are becoming more widely adopted, which is helping to improve project management, design and construction processes. The use of drones, robots and other technologies is also increasing, helping to boost productivity and reduce costs.

In terms of regional trends, the industry is likely to see continued growth in developing countries, particularly in Asia and Africa. Regions there are experiencing rapid urbanization and population growth, which is driving demand for new housing and infrastructure. In developed countries, the industry is likely to see steady growth as well, with a focus on renovating and retrofitting existing buildings to improve energy efficiency and reduce costs.

Despite the overall positive outlook, however, there are challenges. Chief among them is the ongoing shortage of skilled workers, a global issue, and rising construction costs – particularly for materials – which makes it difficult for companies to remain competitive. The industry will need to look for ways to mitigate these challenges if it expects to maintain its forward momentum in 2023.

About Schneider Downs Construction Services 

Led by a diverse group of shareholders and managers, Schneider Downs provides strategic and practical solutions for our construction clients in all facets of their business. Our dedicated team of more than 350 professionals have a wide background of tax, accounting, technological and business experience in the region, specifically in Pittsburgh and Columbus. 

To learn more, visit our Construction Industry Group page.  

You’ve heard our thoughts… We’d like to hear yours

The Schneider Downs Our Thoughts On blog exists to create a dialogue on issues that are important to organizations and individuals. While we enjoy sharing our ideas and insights, we’re especially interested in what you may have to say. If you have a question or a comment about this article – or any article from the Our Thoughts On blog – we hope you’ll share it with us. After all, a dialogue is an exchange of ideas, and we’d like to hear from you. Email us at [email protected].

Material discussed is meant for informational purposes only, and it is not to be construed as investment, tax, or legal advice. Please note that individual situations can vary. Therefore, this information should be relied upon when coordinated with individual professional advice.

© 2023 Schneider Downs. All rights-reserved. All content on this site is property of Schneider Downs unless otherwise noted and should not be used without written permission.

our thoughts on
New Research and Development Capitalization Requirement Shuffles System
Contractors May Benefit From SALT Cap Workaround
Construction Talent Retention
Construction Talent Foundations
8 Bonding and Surety Trends to Watch in 2023
Construction, ESG BY Jay Meglich
Opportunities and Challenges in the Current Construction and Engineering Environment
Register to receive our weekly newsletter with our most recent columns and insights.
Have a question? Ask us!

We’d love to hear from you. Drop us a note, and we’ll respond to you as quickly as possible.

Ask us
contact us
Pittsburgh

This site uses cookies to ensure that we give you the best user experience. Cookies assist in navigation, analyzing traffic and in our marketing efforts as described in our Privacy Policy.

×