Construction’s Supply Chain Outlook: More Shortages, Price Hikes Ahead
Post date
December 02, 2022
Body
Sebastian Obando, Construction Dive
Plan for market conditions to get worse before they get better.
Despite battling supply chain issues since late 2020, the construction industry will see continued material price escalation over the next couple of years, according to industry sources.
The forecast for year-over-year price escalation in 2022 remains between 9% to 12%, said Michael Hardman, vice president of Turner & Townsend, a U.K.-based global real estate and infrastructure consultancy. At the same time, mounting inflation in the U.S. will further compound these difficulties.