The Infrastructure Investment and Jobs Act will boost activity in the civil construction space in 2023, according to Dodge Construction Network.
Dodge expects civil construction starts, such as public transit, roads, bridges, EV charging stations, water-related projects and power plants, to total $281 billion in 2023, a 16% jump from last year.
Dodge’s forecast assumes that 85% of infrastructure money will be spent by 2027.
— Construction Dive
Highway and bridge constructions are expected to jump by 20% each to $94.4 and $26.6 billion, respectively. Starts on water management projects are also expected to jump by 14% to $68.8 billion, according to the DCN. The network’s Chief Economist, Richard Branch, pointed to federal infrastructure spending authored by the Biden administration as the main source for continued improvements. Spending on EV charging stations also provided a boost in the transportation sector.
“A recession would lower the demand for construction workers and put more downward pressure on prices,” Branch said. “So, if we were to go into recession in 2023, it could mean here for infrastructure that more real work actually gets done for the dollars allocated.”
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