The collision of housing demand and an imminent recession due to the Federal Reserve's battle with inflation has Dodge Construction Network predicting that total US construction starts will be unchanged in 2023 at $1.08 trillion.
When adjusted for inflation total construction starts will dip 3%, it announced during its 2023 Dodge Construction Outlook last week.
Richard Branch, chief economist for Dodge Construction Network, said in prepared remarks, "The economy is slated to significantly slow, unemployment will edge higher, and for parts of the construction sector it will feel like a recession."
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