The industry experts at FMI have released their latest outlook report that provides fourth quarter 2022 forecasts and estimates for the North American Engineering and Construction industry.
Download FMI’s 2022 North American Engineering and Construction Outlook Fourth Quarter, and get more information on the key takeaways listed below:
- Total engineering and construction spending for the U.S. is forecast to end 2022 up 8%, or roughly the same as 2021.
- Strong investment in residential, commercial, manufacturing and water supply infrastructure will drive industry spending through 2022, each with year-over-year growth rates greater than 10%.
- Year-end 2022 growth will be tempered by ongoing spending declines across various nonresidential building segments, including lodging, office, educational, religious, public safety and transportation.
- Residential construction spending is expected to decline beginning in 2023, due to softening economic conditions and rate hikes. Nonresidential segments are expected to see related declines beginning in the second half of 2023.
Go more in-depth by reading the full report published by FMI.