2023年工程建设行业展望

2023

engineering

and

constructionindustry

outlookContentsGrowth

tocontinueamidincreasingchallengesTrendstowatch31.

MarketdynamicsIndustry

segments

experience

different

growth

trajectories

and

increased

competition452.

SupplychainIncreased

lead

times

and

volatile

material

costs

pressure

margins3.

FutureofworkTalent

pressures

and

shifting

talent

models

lead

the

industry

to

rethink

workforce

strategies

64.

EmergingtechnologiesDevelopers

and

contractors

further

invest

in

emerging

technologies

to

drive

efficiencies75.

ESGandsustainabilityIndustry

evaluates

new

practices

to

deliver

positive

societal

impacts89Preparednesscouldbe

crucialtonavigatevolatilityLet’stalk10About

the

Deloitte

surveyTounderstandtheoutlookandperspectivesoforganizationsacrosstheengineeringandconstructionindustry,Deloittefieldedasurveyofmorethan100USexecutivesandotherseniorleadersinAugust2022.Thesurveycapturedinsightsfromrespondentsinfivespecificindustrysegments:residentialconstruction,institutionalandcommercialconstruction,industrialconstruction,infrastructureandheavyconstruction,andengineeringservices.2023

engineering

and

construction

industry

outlook2Growth

to

continue

amidincreasing

challengesTheUS

engineeringandconstruction(E&C)industrybegan2022ona

brightnoteafterachievingstronggrowthof8%inconstructionspendingin2021.1

Whilethevalueaddedreached$1trillioninQ2

2022,grossoutputstoodat$2trillioninQ2

2022comparedto$1.9trillioninQ2

2021.2

Buta

closerlookatcurrentmarketdynamicssuggeststhat2023willlikelyexperiencedifferentiatedgrowthratesacrossdifferentindustrysegments.andisexpectedtodrive

constructionin2023andbeyond.3

On

theotherhand,residentialconstructioncompaniesarerelativelymorepessimisticabouttheindustryoutlookforthenextyearcomparedtoothersegments.Theresidentialsegmentmaywitnesssluggishgrowthduetoweakeningconsumerdemand.So,whilesomesegmentsmaybe

morebullishthanothers,thereareheadwinds,suchasinflationandsupplychainissues,whichmaycontinuetoaffecttheindustryoverallinthecomingyear.Theconstructionindustryisexpectedtocontinuefeelingtheeffectsofincreasedprices—fromtherisingpricesofsteel,lumber,andfueltotheincreasedcostofskilledlabor.As

a

consequence,theindustrycouldexperienceprojectcompletiondelays,increasedconstructioncosts,andreducedprofitmargins.On

theonehand,thenonresidentialsegmentislikelytobe

buoyedbyfundsenteringthemarketfromtheInfrastructureInvestmentandJobsAct(IIJA)andtheCHIPSandScienceActof2022.TheCHIPSandScienceActprovides$52.7billionforAmericansemiconductorresearch,development,manufacturing,andworkforcedevelopment2023

engineering

and

construction

industry

outlook31MarketdynamicsIndustry

segments

experience

different

growth

trajectories

and

increasedcompetition2023couldbea

differentyearfortheindustry,withheighteneduncertaintyduetohighinflation,risinginterestrates,andbifurcationacrossvariousindustrysegments.Companiesarekeepinganeyeonhowtheirbacklogswillplayoutin2023,especiallyduringthesecondhalfoftheyear.Whilemanycompanieshavesubstantialbacklogs,specificallyinenergy-relatedconstruction(e.g.,liquefiednaturalgas[LNG]facilities)anddatacenters,astheygetthroughthebackhalfof2023,theymayseea

potentialimpactofeconomicslowdownontheirdeliveries.Constructionactivityhasbroadlystarteddecliningduetorisinginterestratesanddeterioratingfundamentalsforcommercialrealestate.Anuptickininterestratesraisesprojectcostsasinputpricesincrease.Also,anincreaseinmaterialandcompensationcostsreducescontractors’profitmargins.Thesedynamicswillaffectsomesectorsmorethanothers(figure1).Forexample,homebuilders,infrastructurecontractors,andindustrialplantdeveloperswillhavedifferentgrowthtrajectories.Forinstance,theDodgeMomentumIndex(DMI),a

monthlymeasureoftheinitialreportfornonresidentialbuildingprojectsissuedbyDodgeConstruction,fell1.2%inAugust2022to171.9.Whilethecommercialcomponentoftheindexincreasedby1%,theinstitutionalcomponentdecreasedby5.6%.4Figure

1.

Changing

market

dynamics

to

affect

industry

segments

differentlyMarketuncertainty:NonresidentialDecreasinghousingaffordabilityHighmortgageratesInflationHighinterestratesRisingcostsSubstantialblacklogsGovernmentprojectsSluggishdemandResidentialSupplychainconstraintsMaterialandlaborshortageSource:

Deloitte

analysis.HousingconstructionintheUnitedStatessloweddowninAugustprimarilyduetohighinterestrates,supplychainconstraints,anddecreasedhousingaffordability.AccordingtotheUSCensusBureau,buildingpermitsfellby10%to1.5millioninAugust2022fromthepreviousmonth.5

WiththeFederalReservefurthertighteninginterestratestocombatinflation,housingconstructionandpermitswilllikelyremainvolatile.6

Additionally,mortgageratesremainhigh.Theaveragerateona

30-yearfixed-ratemortgagewas6.3%inmid-September2022,thehighestsincelate2008.7

Homebuilderswilllikelyexperiencesluggishdemandasrealconsumerspendingisforecasttofallin20238

amidanuncertaineconomicenvironment.Bycontrast,companiesbuildinginfrastructureprojectsarelikelytoremainrelativelyinsulatedfromtheeconomicslowdown,drivenbystronginfrastructurebuildouts,andthesubstantialprojectbacklogsdevelopersandcontractorshaveintheirpipeline.Inaddition,thenextroundof$1trillioninIIJAfundingentersthemarketstartingOctober2022forseveralprojects.9

However,laborshortages,wageinflation,andongoingsupplychainconstraintsmayslowthisgrowth.10Moreover,developmentsintheglobalE&Cmarket,suchashowcompaniesdeliverprojectsandwhatregulationsandstandardstheyuse(e.g.,BuildingInformationModeling,orBIM,standards),arelikelytoimpacttheUSmarket.SincetheInternationalOrganizationforStandardization(ISO)publisheditsfirstglobalBIMstandardsin2019,severalcountrieshavemadetheuseofcertainBIMstandardsmandatory.11

Asstandards,suchasISO19650(aninternationalstandardformanaginginformationoverthewholelifecycleofa

builtassetusingBIM),becomemoreconsolidatedandwidelyadopted,theyareexpectedtodrivegrowthintheUSmarketwhenUScompaniesadoptthosestandardsfromregionssuchasEurope,Australia,andCanada.Thereisalsoanongoingshiftinmergersandacquisitions(M&A)withincreasedactivitybyprivateequity(PE)investorstobuysubcontractorsandformsynergiesandeconomiesofscale.M&AactivitybyPEinvestorsinconstructionregistereda

dealvalueof$11.8billionin55acquisitionsbetweenJanuaryandAugust2022.Thenumberofdealsincreasedbyaround6%comparedtothesameperiodin2021,whilethedealvaluesoaredby297%.Theindustrycouldexperiencemergersandacquisitionsofmaterialsuppliersandalliedserviceproviderstobuildlocalcapacityandpromotesupplyassurance.2023

engineering

and

construction

industry

outlook42SupplychainIncreased

lead

times

and

volatile

material

costs

pressure

marginsOverthepasttwoyears,theCOVID-19pandemic,transportbottlenecks,andgeopoliticaluncertaintieshaveexposedvulnerabilitiesintheE&Csupplychain.Thesedisruptionshaveraisedmaterialcosts,confinedproduction,andrestrictedfreightmovement.Fourinfivesurveyrespondentscitedsupplychaindisruptionsasoneoftheircompany’stopthreechallengesinthenextyear.Theindustrycontinuestoobserveinputpricefluctuations,andthevolatilityinmaterialcostsisdrivinguptheoverallcostofconstruction(figure2).Pricesofconstructioninputsincreased40.5%betweenFebruary2020andAugust2022.12

Persistentinflationcouldhurtcontractorswhohavenotboughtlargequantitiesoftheirmaterialsatnormalizedpricesorincludedappropriatepriceescalationclausesintheircontracts.Figure

2.

Volatility

in

material

prices

continue322824201612840-4-8-12-16COVID-19outbreak-20-24-28-32Jan-19Apr-19Jul-19Oct-19Jan-20Apr-20Jul-20Oct-20Jan-21Apr-21Jul-21Oct-21Jan-22Apr-22Jul-22ConcreteproductsAluminummillshapesIronandsteelSoftwoodlumberSource:

Deloitte

analysis

of

BLS

data.TheongoingdisruptionsareexpectedtodrivetheE&Cindustrytowardnewbusinessmodels,supportedbynewecosystemsthatbringinnovativeproductsandservicestoservetheuniqueneedsofdifferentendmarkets.•Technology:

Forexample,a

constructiontechnologycompanyhasleveraged3D,virtualmodeling,androboticsfora

newoffsitehome-buildingapproachthataddresseslaborshortagesandcontrolscarbonemissions.13

Toaddressthesupplychallengesandrisingmaterialcosts,developersandcontractorswilllikelyleverageadvancedtechnologiestoassessstrategicinventorystrategyformaterialsandinputs.••Ecosystem

approach:

AnecosystemapproachcanimproveE&Ccompanies’abilitytorespondtodisruptionsandenableinteroperabilitythroughoutthesupplychain.Firmsinvestingandparticipatinginecosystemsaremorelikelytoreaphigherstrategicbenefits.14

ByforminganecosystemwithIndustry4.0providersandmaterialsuppliers,E&Ccompaniescanusedata-sharingplatformstoexchangereal-timeinformationwithmaterialsuppliersincaseofa

disruptionorshortageofsupply.Heightened

focus

on

supply

chain

management:

E&Ccompaniesareexpectedtoincreasinglystandupsupplychainmanagementfunctionsandbuildmorelocalcapacity,drivingcompetitionacrosstheindustry.CompanieswilllikelyexpandcapacityforthesupplyofmaterialsintheUnitedStates,getclosertocustomerstoaddresssupplychainconstraints,andbelessdependentonforeignsuppliers.2023

engineering

and

construction

industry

outlook53Future

of

workTalent

pressures

and

shifting

talent

models

lead

the

industry

torethink

workforce

strategiesTheE&Cindustryremainssignificantlyshortofskilledworkers,furtherexacerbatedbya

tightlabormarket.Morethan82%ofsurveyrespondentsmentioneda

tightlabormarketandanexitingworkforceasoneoftheircompany’stopchallengesinthenextyear.Eventhoughtheconstructionindustryhasa

strongpipelineofprojectsandspending,especiallytheinfrastructurebuildouts,maybechallengedtomeetthedemandduetoa

persistentshortageofworkersandhighturnover.Laboravailabilityinconstructioncontinuestodecline(figure3),drivenbydeclininginterestintheindustry,anagingpopulation,andtalentpressuresin“competing”industriessuchastechnologyandtrucking.Manyworkers,especiallyfromtheyoungergeneration,arepreferringlessphysicallydemandingjobs.Thenumberofconstructionworkersbetweentheagesof25and54decreasedby8%inthepast10years,whiletheshareofolderworkersleavingtheindustryincreased.15Figure

3.

Job

openings

in

construction

continue

to

remain

high450400350300250200150100500Jan-19Apr-19Jul-19Oct-19Jan-20Apr-20Jul-20Oct-20Jan-21Apr-21Jul-21Oct-21Jan-22Apr-22Jul-22Source:

Deloitte

analysis

of

BLS

data.Toretaintoptalent,companiesshouldconsidera

workforcestrategybasedontwopillars:a

purpose-drivenorganizationandapersonalizedcareerpath.Moreover,technologyadoptionandinnovationcouldhelpattractemployeeswithnewskillsandrolessuchasdatascientistsandretainworkersbyencouragingthemtoworkwithcutting-edgetools.Inaddition,anincreasedfocusondiversity,equity,andinclusion(DEI)inhiringcouldyieldadditionaltalentfortheindustry.In2021,only11%ofallconstructionworkerswerewomen,6.3%wereBlack,and2.1%wereAsian.16

Accordingtoa

Deloittestudy,DEIhiringcanhelpraiseproductivity,enhanceorganizationalmanagement,improvefinancialperformance,andincreaseinnovation.17Addressingthetightlabormarketandexitingworkforceamidshiftingtalentmodelswilllikelyremaina

priorityformostE&Ccompaniesin2023.AccordingtoDeloitte’ssurvey,91%ofrespondentsagreethatofferinga

flexibleandagileworkforcestructurecanhelpE&Ccompaniestoattractandretaintalent.2023

engineering

and

construction

industry

outlook64EmergingtechnologiesDevelopers

and

contractors

further

invest

in

emerging

technologies

to

driveefficienciesWhiletheE&Csectorhasbeenhistoricallyslowinintegratingandadoptingdigitaltechnologies,industryplayersarenowincreasinglypayingattentiontoandleveragingemergingtechnologies.MostE&Ccompaniesareutilizingdigitaltechnologiestoexpandbusinessopportunitiesandboostprofitsbyreducingcostsinthelongrunandenhancingprojectexecution.Further,withincreasedglobalsupplychaindisruptions,increasedcompetition,workershortages,andskyrocketingmaterialprices,theneedfordigitaltransformationinconstructionhasbecomemuchstronger.Generativedesignmethodsproduceuniqueoptioneeringoptions(designalternatives)andenablefastercollaborationbetweenE&Ccompaniesandtheircustomers.Theseinnovativemethodshelpimproveprojectexecution,resultinginbettermanagedcostsandschedules.Thegenerativedesignapproachallowscompaniestoleveragemodernoptimizationalgorithmsandcloudcomputingpower,combinedwithcodifiedrules,engineeringparameters,andconstraintsforearlydesignconsiderations.Prefabricationandmodularconstructionwilllikelycontinuetobea

keynewwayofworkinganddeliveringprojects.Thesemodernconstructionmethodsenablemorestandardizationacrossthebuildingprocessandallowconstructionfirmstoactivelyaddressthesevereproductivityproblemsaffectingconstructionprojects’qualityandpaceofdelivery.AccordingtoDeloitte’ssurvey,46%ofrespondentswilllikelyinvestinprefabricationandmodularconstructioncapabilitiesnextyear.2023willlikelyexperienceincreasedadoptionratesforthesameasmoredevelopersandcontractorslooktocapitalizeonbuildingincontrolledenvironmentstodriveoperationalefficiencieswhilealsosolvingforchangingcustomerdemandsandaddressingmarginerosion.Constructioncompaniesareunderpressuretosafelydeliverhigh-qualityprojectsontimeandwithinbudgetdespitethesechallenges.Whileexternalfactorsremainoutsidecompanies’control,implementingnewtechnologiescanhelpincreasevisibilityandtackleprocessinefficiencies.18

Forinstance,constructioncompanieswilllikelyadoptdigitaltechnologiesthroughtwoIIJAinitiatives:advanceddigitalconstructionmanagementsystems(ADCMS)andtheTechnologyandInnovationDeploymentProgram(TIDP)relatedtothetransportationsectormanagedbytheFederalHighwayAdministration.Theseinitiativeswillprovideatotalof$550milliontopromotetheuseofdigitaltechnologiesongovernment-fundedprojects.TIDPcomprisesresearchanddevelopment(R&D)andothereffortsrelatedtohighwaysandtransportation,whileADCMSispartoftheTIDPandwascreatedtoadvancetechnologiessuchasBIM,2Dand3Dmodeling,andothers.19

Similarprogramswilllikelybeexploredacrossotherindustrialsectorssuchasenergyandminingandmetals.MorethanhalfoftheDeloittesurveyrespondentsagreedtheywouldlikelyinvestindigitaltechnologiessuchasartificialintelligence(AI),digitaltwins,andBIMinthenextyear.LeadingE&Ccompanieshaveadopteda

structuredapproachtoinnovationandexploringemergingtechnologies.Theyseektomitigatethefollowingrisks:••Overlapping

funding

requests

that

can

lead

to

confusedproject

approvers

and

other

inefficiencies.Creating

a

burden

on

talent

through

siloed

R&D,

lackof

defined

impact

measures,

and

lack

of

technologyreadiness

frameworks.Moreover,developersandcontractorsarelikelytofurtherinvestincombineddigitalandphysicaltechnologiessuchasvisualintelligence,sensorsandInternetofThings(IoT)devices,robotics,immersivecollaboration,anddronestoincreaseefficiency.Around44%ofsurveyrespondentshaveshowninterestininvestinginadvancedtechnologies.Forexample,anindustrialtechnologycompanyrecentlyreleasedanall-in-onecloud-hostedsoftwarethatenablesend-to-endworkflowestimationforgeneralandspecialtycontractors.Itprovidesa

structureforconsistentandstandardizedestimatingproceduresthatallowscompaniestoleverageleadingpracticestoboostaccuracyandproductivity.Italsoofferscollaborationsoftwarethatconnectsuserswithdataonanydevicetoenableefficientprojectcollaboration.20•Prioritizing

investments

incorrectly

due

to

lack

of

adisciplined

program

approach.Assumingtheseriskscanbeminimized,bothestablishedprovidersandstartupsareexpectedtocontinuebringinginnovativesolutionsofdifferentmaturityandreadinesslevels.A

focusonpracticalvalueandreturnoninvestmentcouldfurtherexpeditetheseeffortsandpotentiallyachievesignificantgainsfororganizations.In2023,companieswilllikelyincreasetheadoptionofstructuredapproachestoemergingtechnologiesacrosstheE&Cindustry.2023

engineering

and

construction

industry

outlook75ESG

andsustainabilityIndustry

evaluates

new

practices

to

deliver

positive

societal

impactsManycustomersarebecomingmoresustainabilityconsciousandplacinggreaterpressureondeveloperstolowerthecarbonfootprintofnewconstruction.Theincreasingglobalfocusonclimatechangecouldincentivizeconstructioncompaniestofactorsustainabilityintotheirprojects,constructionprocesses,anddesigns(figure4).Figure

4.

Top

priorities

of

E&C

companies

to

drive

sustainabilityPromotingsustainabledesign,development,andconstructionpractices

83%Encouragingthesustainableuseofresourcesandnewmaterials

76%Reducingenergyconsumption

63%Reducingwastegenerationandencouragingresponsibledisposalofwaste

60%Sourcinglow-carbonenergy

17%Source:

Deloitte

analysis.The2021

World

Green

Building

Trends

reportshowedthatcommitmentstoboostgreenbuildingeffortsremainstrong.Thirty-fourpercentofsurveyedcompaniesintheUnitedStateswerefocusedongreenbuilding,and46%reportedthattheywoulddosointhenextthreeyears.21Accordingtoa

surveybyAssociatedGeneralContractorsofAmericainJune2022,78%ofrespondentsreportedhavingpoliciestopromoterecycling,48%formaterialsreuse,and26%forenvironmentallyfriendlyorsustainablepurchasing.However,only14%currentlyreportgreenhousegas(GHG)emissionsononeormoreprojects.22However,theconstructionindustryisfragmentedandproject-based,whichmakesitmorechallengingtoadoptsustainabletechnologies.Oneofthebiggestchallengesconstructioncompaniesfacewhenimplementingsustainablepracticesisa

lackofintegratedvisibilityintheirprocessesandwithsubcontractors.Asa

result,thesectorislikelytofocusontechnologybecausedigitalizationplaysa

keyroleinenablingenergyefficiencyanddemandflexibilityinfacilitiesandbuildings.Forinstance,technologiessuchasbigdataandAI/machinelearningcanhelpcompaniestracktheiroverallcarbonfootprint.23

Smartbuildingsandinfrastructure,whichintegrateIoTsensors,canincreasedataavailabilitytotrackandmonitorenergyefficiencyandenablemoreefficientoperationsandmaintenance.ESGwillcontinuetobeanincreasinglyimportantpartofrequirementsfromtheoperatingowners,anditwilllikelybereflectedaccordinglyintheflow-downrequirements.Additionalopportunitiesin2023willlikelyincludeconsiderationsforgreenconstructionmaterials(e.g.,recycledplasticbricks),renewableenergysources(e.g.,hydrogen/solar),anda

widerangeofsupplychaintopics,includingtransparency,traceability,resiliency,andcircularity.E&Ccompaniesarealsofactoringinsocialandgovernanceissuessuchasethicalorganizationalpractices,communityimpactandinvolvement,qualityofgoverningbody,andriskandopportunityoversight24

becausetheseareincreasinglyimportanttostakeholders.Toremaincompetitive,constructioncompaniesshouldprioritizeandinnovatehowtheyidentify,plan,anddeliveronESGstrategiesthatcomplywithregulatoryrequirementsandinvestordemands,aswellasbenefitthecommunitiesinwhichtheyoperate.Theyshouldremainawareofchangingregulatoryrequirementsandreportingprocedures.Forinstance,inMarch2022,theSecuritiesandExchangeCommission(SEC)proposeda

newrulethatwouldrequirepubliccompaniestodiscloseannuallycertainclimate-relatedfinancialstatementmetrics,informationrelatedtoclimate-relatedrisks,andGHGemissionsinpublicdisclosurefilings.25

Iftheserulesarefinalizedandeffectiveduringthiscalendaryear,theycouldbegintobephasedinfor2023.262023

engineering

and

construction

industry

outlook8Preparedness

could

becrucial

to

navigate

volatility2022gotofftoa

strongstartfortheE&Cindustrybutwasmetwithseveralstrongheadwinds,includingrisingcostsandlaborshortages.Thiscreated

bothopportunitiesandchallengesfortheindustry.E&Ccompaniesshouldpreparefortherapidlychangingoperatingenvironmentcharacterizedbysupplychainchallenges,highinflation,risinginterestrates,increasingmaterialcosts,andpersistentlaborshortages.Asdevelopersandcontractorscompeteintenselyformaterialsandtalent,businesscontinuity,alongwithbuyingstrategiessuchascentralizedbuying/demandplanningacrossprojects,shouldremain

a

keypriorityin2023.Inthecomingyear,E&Ccompanieswillbeattunedtothedifferentbusinessenvironmentsineachoftheircustomermarketsandshouldthereforefocusonthefollowing:••••Havingbettercontroloverleverageandcredit,andcreatinga

bufferthroughadditionalcostsavingsPayingattentiontochangingworkforceandworkplaceexpectationsandskillslevelstomoreeffectivelyretain

talentina

competitivemarketIncreasingtheuseofdigitaltechnologiestoimprovevisibilityandefficiency,providingresilienceamid

ongoingdisruptionCapitalizingonadditionalfundsandprojectsarisingfromtheIIJAandInflationReductionActthatcouldprovideadditionalopportunitiesintheinfrastructuresegmentWherecompaniesinvest,howtheyapproachprojectdelivery,andhowtheydifferentiatethemselvesinthemarketisimportantastheindustrybecomesmorecompetitivein2023.2023

engineering

and

construction

industry

outlook9Let

’s

talkMichelle

MeiselsPaul

WellenerUSEngineering&

ConstructionLeaderDeloitteConsultingLLPmmeisels@+12136883293ViceChair–

USIndustrialProducts&ConstructionLeaderDeloitteLLPpwellener@+12168306609Kate

HardinExecutiveDirectorDeloitteResearchCenterforEnergy&

IndustrialsDeloitteServicesLPkhardin@+16174373332Key

contributorsAijaz

Hussain,

seniormanager,DeloitteResearchCenterforEnergy&

Industrials,DeloitteServicesLPAnuradha

Joshi,

analyst,DeloitteResearchCenterforEnergy&

Industrials,DeloitteServicesIndiaPrivateLimited2023

engineering

and

construction

industry

outlook10Endnotes1.2.3.ConstructionAnalytics,“Midyear2022constructiondata,”August16,14.

PaulWelleneretal.,Ecosystem

pathways

for

connected

construction,2022.Deloitte,2021,pp.5–7.USBureauofEconomicAnalysis,“Valueaddedbyindustry,”accessedSeptember30,2022.15.

ABC,“ABC:Constructionindustryfacesworkforceshortageof650,000in2022,”newsrelease,February23,2022.TheWhiteHouse,“FactSheet:CHIPSandScienceActwilllowercosts,createjobs,strengthensupplychains,andcounterChina,”August9,2022.16.

BLS,“Laborforcestatisticsfromthecurrentpopulationsurvey,”lastmodifiedJanuary20,2022.17.

PaulWellener,VictorReyes,andChadMoutray,Beyond

reskilling:Manufacturing’s

future

depends

on

diversity,

equity,

and

inclusion,

Deloitte,2021,

p.9.4.5.6.7.8.9.DodgeConstructionNetwork,“DodgeMomentumIndexdipsinAugust,”newsrelease,September8,2022.USCensusBureau,“Monthlynewresidentialconstruction,August2022,”newsrelease,September20,2022.18.

Quickbase,“Somuchdata,solittlevisibility:Addressingprojectmanagementchallenges,”Construction

Dive,

July18,2022.AustenHufford,“HomebuildingfellsharplyinJulyascostsincreased,”Wall

Street

Journal,

August16,2022.19.

MatthewThibault,“WhatcontractorsneedtoknowaboutIIJA’sconstructiontechcarve-outs,”Construction

Dive,

July13,2022.FreddieMac,“Mortgageratesexceedsixpercentforthefirsttimesince2008,”newsrelease,September15,2022.20.

Trimble,“Newall-in-one,cloud-hostedsubscriptionfacilitatesend-to-endestimatingworkflowforgeneralandspecialtycontractors,”pressrelease,June15,2022.DanielBachman,“UnitedStateseconomicforecast,”Deloitte,September15,2022.21.

DodgeConstructionNetwork,World

green

building

trends

2021,

2021,p.67.TheWhiteHouse,Building

a

better

America,

accessedSeptember7,2022.22.

AssociatedGeneralContractorsofAmerica(AGC),“Recyclingpoliciesare10.

DodgeConstructionNetwork,“Costsareup,butsoareprofitexpecta-tions:Howcivilcontractorsaredealingwithsupplychainchallenges,”newsrelease,April26,2022.widespreadandothersurveyfindings,”newsrelease,June29,2022.23.

CatherineLynch,“Theconstructionindustryisgettinggreener:Why,how,andwhat’schanging?,”Forbes,

August25,2021.11.

KimSlowe