Through the first half of 2022, nonresidential construction spending returned to "nominal growth." But JLL, in its Construction Outlook for the second half of the year, foresees nonresidential spending being flat, on an inflation-adjusted basis, and year-over-year growth returning to historical levels in 2024, "as disruptions are likely to persist into 2023." Those disruptions include supply-chain issues that contributed to construction materials costs increasing by 42.5 from prepandemic levels. Labor costs related to workforce shortages were 10.5 higher than they were in March 2020. "Labor availability remains a deep-set structural challenge for the industry and will be a larger issue as construction demand persists and shifts focus," JLL observes.
展开▼
