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FMI 2022 construction spending forecast: 7% growth despite economic turmoil

Market Data

FMI 2022 construction spending forecast: 7% growth despite economic turmoil

Growth will be offset by inflation, supply chain snarls, a shortage of workers, project delays, and economic turmoil caused by international events such as the Russia-Ukraine war.


By FMI | April 14, 2022
FMI 2022 construction spending forecast: 7% growth despite economic turmoil

Download the free PDF forecast report

Entering the second quarter of 2022, FMI expects construction spending to end 2022 up 7% compared to up 8% in 2021. But that growth will be offset by inflation, supply chain snarls, a shortage of workers, project delays and economic turmoil caused by international events such as the Russia-Ukraine war, according to FMI's 2022 North American Engineering and Construction Outlook Second Quarter Edition. 

Key highlights of the report include:

  • Strong investment in residential and manufacturing will drive industry spending through 2022. 
  • Due to expected increases in infrastructure funding later this year, several nonbuilding segments, including highway and street, sewage and waste disposal and water supply, are all anticipated to realize growth rates of more than 5% in 2022. 
  • Year-end 2022 growth will be tempered by ongoing spending declines across various nonresidential building segments, including lodging, office, educational, religious, public safety and amusement and recreation. 
  • Commercial, health care, communication, power and conservation and development are all expected to end the year with low growth, roughly in line with the historical rate of inflation, between 0% and 4%, and are therefore considered stable. 

Download the free PDF report (short registration required). 

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Construction Costs

New download: BD+C's May 2024 Market Intelligence Report

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