The “2022 PlanHub Construction Industry Report” from PlanHub provides a snapshot of activity and trends based on platform usage and an in-depth survey of construction professionals conducted in December 2022. The report indicates general contractors and subcontractors see rising material costs, scarcity of skilled construction workers and material lead delays as major challenges in 2023 but are optimistic about growth ahead.
The PlanHub report reviewed platform activity data of 26,000 active general contractors and 270,000 subcontractors. It also includes a special survey of 465 respondents examining the biggest challenges they face, the role technology plays in their business, their outlook for 2023 and more. Survey respondents were selected for their longevity and broad experience in the industry.
The report examines general contractors’ and subcontractors’ views on the outlook of the construction industry in 2023 through an industry leader survey. It provides a crucial perspective into their business, growth goals for 2023, biggest challenges and technology use.
Here are the key takeaways:
Top concerns: Rising material costs, scarcity of skilled construction workers and material lead delays are the chief challenges to overcome in 2023.
Optimism for 2023: 82% of general contractors and 80% of subcontractors plan on growing their business in 2023.
Embracing technology: Since the beginning of 2021, a 324% increase was seen in the number of general contractors posting their first projects, and projects with strong activity increased 231%.
More bid activity: General contractors increased their invitations to bid by 35%.
Increasing opportunity: Subcontractors have responded to adversity by seeking new ways to find business. Subcontractors expanded their reach by listing up to 20% more trades in which they work and expanded their service area by nearly 50%.
Infrastructure projects increasing: The passage of the Infrastructure Investment and Jobs Act in November 2021 spurred a 290% increase in civil infrastructure and transportation projects posted on PlanHub.
To download the 2022 PlanHub Construction Industry Report visit planhub.com/2022-industry-report-lp.
