Construction firms optimistic about public sector projects in 2023
A Walmart warehouse under construction in Baytown. The southeast submarket, which includes Baytown, was among the most active regions for construction last year with 4.6 million square feet of the greater Houston region's 18.3 million square feet of industrial construction projects under way.Construction firms in Texas and across the United States are tentatively optimistic about their business in 2023, despite headwinds facing the industry and the national economy.
Many of those investments were authorized in recent federal legislation, including the Inflation Reduction Act and the Infrastructure Investment and Jobs Act of 2021-2022, a bipartisan infrastructure law, but have yet to roll out to state and local governments or the contractors that work them. Ken Simonson, AGC's chief economist, said expectations had shifted among the survey's respondents. In 14 of the 17 sectors the survey tracks, he said respondents expect the dollar value of projects in 2023 to be higher than in 2022, with contractors particularly bullish about bridges and highways, transportation and water and sewer projects.
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