Second Quarter Pricing and Trends Influence Outlook
With the very real concern of an impending recession, the industry, and the country as a whole, are delving into unique ways to help make the softening as short and painless as possible. But economic indicators signal it is not all doom and gloom. The Chief Economist for the Associated Builders and Contractors (ABC National) predicts the rest of 2022 to be full of growth. Backlog remains strong, as seen in the latest Architecture Billings Index (ABI). While growth is slowing, the trend continues upwards with a robust supply of work remaining in the pipeline. Additionally, employment has continued to improve post-pandemic, which helps to combat the labor shortages felt across the industry.
Let’s look at how the market has responded to the market volatility over the last quarter.