Construction industry is experiencing slowdown, which is not too surprising given the enormous growth it went through at the beginning of the year. This was primarily due to many projects being put on hold during 2020 and pandemic issues. Yet, experts think that there is growth potential ahead and that industry professionals should remain upbeat about the upcoming period. The pipeline of big projects remains steady and it should keep the industry busy. Currently, the most significant issue lies on the supply side, but that situation should stabilize soon.
- Despite lower numbers of consents being given for projects and a shortage of materials, experts are optimistic.
- The value of major project starts is nearly the same as it was before the pandemic, at only 2% below that time period.
- Much of the lost ground in the private sector will likely be made up by planned government spending on infrastructure.
“It means the average value of project starts of this size is still 24% below pre-pandemic levels.”