The beginning of a new year comes along with the opportunities for new personal and professional goals, as well as the uncertainty of the future in the construction sector, which has currently stood out in the industrial field.
Construction and related companies in the sector still remember and suffer the ravages of recent years resulting from the blow dealt by the pandemic and later the war between Russia and Ukraine.
Thanks to the events mentioned above, there was a stagnation in the production of work and manufacturing of raw materials for construction inputs, and subsequently a shortage of materials that led to a constant rise in prices that, although it has decreased, has not has managed to stabilize completely.
With this precedent, it is natural that the next question arises, What can we expect in 2023 in the construction sector?
The beginning of the year begins with an optimistic outlook, projecting 1% growth in GDP in the construction industry, according to BBVA Research.
| We recommend you read: Get to know the new Nearshoring trend.
However, it is important to take into account the negative effects of this economic growth in construction, such as the rise in the prices of materials due to greater demand (reflected in the Producer Price Index) and the increase in production rates. interest, making financing more expensive.
Also we can’t ignore the deficit in labor that has been constant for two years, with this new growth the incorporation of future specialized professionals will be necessary, since the sector demands new capabilities that go in parallel with technological advances in construction.
In conclusion, the outlook for the construction industry in 2023 looks potentially active. By applying the lessons learned from 2021 and 2022, the negative aspects mentioned above may be mediating for the successful conclusion of the projects to be executed this year.
