Commercial and institutional planning data reveal recovery and optimism for the construction landscape heading into Q4 amid continued economic headwinds, according to a new quarterly report from Dodge Construction Network.
The report, Bolstering Economic Recovery: Dodge Construction Network Q3 Report, highlights key insights from the latest data analysis and published reports from the last three months. In addition, it explores expert insight about recent government funding, slated to address sustainability and innovation across the construction industry.
A Look at U.S. Innovation Funding
In the report, Chief Economist Richard Branch discusses the government funding from the CHIPS Act’s and the Inflation Reduction Act’s timeline to industry impact, and where potential roadblocks for deployment may exist.
Another leading area of the report centers on the role of U.S. government funding directed at developing solutions to address the ongoing climate crisis.
“The IRA’s funding adds to the tailwinds already experienced from pursuing lower carbon footprints, as the data featured in the Building Sustainable: The Drive to Reduce Embodied Carbon in Concrete Construction SmartMarket Brief released in September reveals,” said Dr. Donna Laquidara-Carr, industry insights research director, Dodge Construction Network. “That study shows the influence of ESG disclosures and increasing owner pressure on design and construction to reduce embodied carbon in projects involving concrete has led to high levels of engagement by engineers and contractors with this issue.”
Innovation Despite Adversity
The quarterly report also explores the various technologies leveraged by construction companies to increase productivity and efficiency, and evaluates the importance of technology adoption on the modern jobsite. As economic conditions connected to rising interest rates and labor shortages impact construction, the industry is increasingly implementing technology solutions to complete projects efficiently and effectively, the report finds.
“Productivity in construction has been slow to make gains. This is mainly because construction is just beginning to take advantage of innovative technological trends,” said Richard Branch, chief economist at Dodge Construction Network. “One area where investments could improve at all stages is investing in technology both on-site and in the back offices.”