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Inflation is cooling off (6.2% in 2022) but will remain higher than normal, with an average of 4.7% expected for 2023, and will continue to push wages higher.Economic slowdown is expected to continue into 2023.

From 2023 to 2026, the construction industry is expected contract. Those challenges will be eased by upcoming and ongoing infrastructure projects, as well as government investments in housing. The report notes that growth in the industry has been slowed by high input costs, rising interest rates, inflationary pressures and supply-chain issues.

Linesight, a global construction consultant firm, has released its Q4 Commodity Report, which makes predictions on materials pricing through the start of 2023.