Episode 52: 2023 US and Canada Construction Outlook with Andrew Volz

JLL Chicago Industrial Real Time

Episode 52 features Andrew Volz, JLL America's research lead for Project and Development Services (PDS). In this episode, we discuss the findings of the 2023 US and Canada Construction Outlook report.

The construction pipeline remains robust and year-over-year construction costs remain up despite a drop in pricing for select materials. While declining buildings starts will relieve some price pressures, infrastructure projects and international demand for select materials are likely to offset relief, leading to more moderate growth rates for prices rather than a net drop.

Industrial occupiers have been faced with a persistent shortage of skilled labor - a driving factor in wage increases in the construction sector. After Andrew sets the stage with the state of the industry, George and Chad dive into the key considerations with industrial construction including concrete supply, roofing materials and the electrification of buildings.

While speculative industrial construction may taper off in 2023 and 2024, large-scale advanced manufacturing projects and investments in the energy sector could keep construction crews busy for years to come.