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Construction Industry Challenges Could Affect Facility Projects
Facility managers and executives who are planning construction projects during the next year or so should be prepared for some challenging times, a recent study revealed.
Umpqua Bank’s 2022 Business Barometer revealed that nearly half of the construction companies surveyed in their study of small- and middle-market companies expect market conditions to worsen over the next year. More than 8 in 10 expect prices to increase, with the costs being passed down to customers in institutional and commercial facilities, who may also experience delays for completed projects as supply chain challenges and a lack of qualified employees continues to linger.
An astounding 70 percent of companies say supply chain disruption and finding qualified employees continue to hinder their production. Only half of the companies say they’ve been able to purchase goods in a timely manner to keep their businesses running.
Other notable takeaways from the survey include:
- 78% of companies are likely to make significant changes to their pricing models
- 54% are likely to make investments in digitization to improve efficiency
- Rising interest rates and uncertainty related to COVID or continued outbreaks remain top challenges
- 49% are likely to invest in financial tools to combat cybersecurity concerns and protect business payment systems.
Dave Lubach is managing editor, Facility Market.
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