JLL Releases 2023 Construction Outlook

Construction Outlook photo courtesy of JLL.

JLL has released its 2023 U.S. and Canada Construction Outlook, which explores key indicators for measuring the health of the construction industry and its near-term outlook.

Key trends in U.S. construction include:

  • Market participants’ willingness to wait out interest rate fluctuations is slowing down starts but demand remains elevated.
  • JLL expects construction activity to contract as the current pipeline delivers, stabilizing around pre-pandemic levels by late 2024.
  • As major investments in the nation’s-built environment remain a pressing need and activity is elevated, demand for materials and labor will remain strong during this lull in starts.
  • Billings are expected to surge once economic recovery releases pent-up demand.
  • Labor remains an issue despite high demand and hiring activity.

Most large and mid-sized metro areas saw a net increase in construction activity in 2022, with 74% of metros experiencing growth in one or more building construction sectors. When comparing active construction in 2020 vs. 2022, Denver experienced a 16% increase. 

Industry outlook courtesy of JLL.
Industry outlook graphic courtesy of JLL.

To download the report CLICK HERE

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