Construction Survey Reveals Continued Cautious Optimism

September 2022

Construction contractors remain cautiously optimistic a year after the industry’s post-pandemic comeback started in earnest, according to the 2022 Marcum National Construction Survey. Contractors reported being buoyed by the federal infrastructure bill, growing backlogs and other tailwinds.
    
The annual survey is conducted by Marcum LLP, a construction accounting firms in New York City. The survey covers a range of topics, from top priorities to problems, strategies, possible solutions and the lingering effects of the pandemic. 2022 is the third iteration of the national industry study.
    
Among this year’s key findings, close to 60% of respondents said they expect more opportunity in the future, up from 54% in 2021. More than half (69%) expect the Infrastructure Investment and Jobs Act to have a positive financial impact for their businesses.
    
The industry’s upbeat outlook is also supported by a significant increase in backlogs, with 48% of respondents (up from 29% in 2021) reporting higher backlogs than the previous year.
    
“Broadly speaking, the construction industry is finally returning to pre-pandemic levels of activity but is still being hampered by three familiar challenges: labor shortages, material costs and availability, and supply chain issues,” said Marcum Partner Roger Gingerich, who leads the firm’s Midwest construction practice. “Most respondents are positioning for growth and looking for ways to thrive in a very dynamic space. This includes an uptick in joint ventures, something we think makes sense given the difficulties in securing skilled labor and materials in a sector where there is both high demand and deep competition.”

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