The CEO of the General Contractors Association of America stated that although market demand continues to evolve, contractors will have to face current challenges in 2023, including supply chain issues and labor shortages.
Contractors had a less optimist attitude towards private sector projects in the following years, especially in retail, office and hospitality as they tried to recover from the pandemic.
In contrast to these developments, the public project is expected to be the most optimistic in 2023, especially transport projects, water and sewerage projects, and federal contracts in general. The reasons are explained as the supply of public dollars during or after the recession of the economy. Some of the money spent on public projects could be diverted to solving the pandemic problem, which could mitigate the impact of any recession this year.
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