2022 Construction Forecasting: Changes in the Construction Industry

Construction sectors in 2020 were down by one-fifth due to a variety of cancellations during the pandemic. But the 2022 construction forecasting is looking positive as labor-intensive sectors re-open.

Making plans has become tougher with a decreasing GDP and the lingering issues for different markets. But the worst may have already passed and things are looking better.

Want to know more about how the construction industry will be in 2022? Read more to see the construction industry forecast and how things will be changing for the upcoming year.

Slight Dips As Everything Gets Better

While the country attempts to stabilize itself, residential construction will fall. Non-residential construction will rebound. This is due to the need for remodeling and rebuilding as areas start to open again.

The demand will come from the need to rebuild roads, bridges, and other large-scale projects.

Unfortunately, a few sectors that won’t recover as easily are both travel and tourism. Many airlines were heavily affected by the pandemic and forced to adapt by reducing their employment.

Other institutional construction took a big hit and will decrease by nearly half. This includes health clinics and various schools related to higher learning.

More Money to Spend

The 2022 economic outlook is looking positive as the government implements a new infrastructure spending plan to help out. This plan will add an extra $550 billion. This money will be spent on road improvements, broadband internet upgrades, water pipe replacement, and much more.

The extra money could be spread out over the next five years as projects restart and things get back to normal.

A fifth of that $550 billion will go towards transportation, with the bulk of it spent on roads and bridges. Another part will go towards public transportation and train rail repairs.

Retail and Warehouse Construction

During the pandemic the demand for products while shopping online increased. This also increased the need for retailers to construct warehouses.

This will have an effect on the construction industry’s growth in 2022. Large retailers are aiming to have small distribution centers that are much closer to their customers.

This has caused a loss of retail construction by 30%. New buildings aren’t being made, since companies are looking to fill empty retail spaces.

2022 Construction Forecasting Improvement

There is an overall positive outlook for how the construction industry will be in 2022. Despite the impact of COVID-19 and it’s linger effects, a steady recovery for most sectors is likely to happen.

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