The coronavirus pandemic upended global supply chains and now, nearly two years later, pandemic-induced supply problems persist. Shortages of crucial materials, such as lumber, paint, and steel, persist, leading to increased material costs and project delays. Construction businesses need to get creative and be proactive in sourcing materials to help projects run smoothly and keep costs down.
While the supply chain will remain volatile, we might see small improvements in the domestic supply chain in 2022. Nucor and US Steel both announced plans to build new multi-billion-dollar plants next year.
Though it is not all rosy skies ahead, the construction industry is well poised for growth in 2022. Over the past year and a half, firms have held strong and adapted to meet the challenging market conditions. Firms who stay resilient and find creative solutions to industry wide problems will come out on top in the coming year.