The first half of 2022 has come and gone. But as we look forward to the rest of the year, experts expect many of the past and current struggles will continue to linger.
Last year was a year of playing catch-up after an unprecedented year that was 2020. To make up for delayed projects, Ohio construction companies’ calendars were filled in 2021. And now, we are all still playing catchup.
At first, this initial influx of projects supported the construction industry recovery. But we soon faced supply chain issues that disrupted every phase. With fewer supplies, material costs skyrocketed, leading to even greater issues.
The good news is that experts say the supply chain issues are on their way to self-correcting, but the ongoing labor shortage is expected to get worse before it gets better. We still are working on creating a new talent base to replace Gen X, who retired in record numbers during the pandemic and will continue to as they reach retirement age.
Construction is expected to continue to surge throughout this second half of the year, but how can Ohio construction companies ride the wave?
We must be resilient.
As we continue to face supply chain disruptions and financial instability, each company must be nimble enough to work through the unexpected with a strong, unified team as a foundation.
We must inspire.
We still have a way to go to fill the labor gap, especially if we are to combat the aging workforce. To achieve the growth we need, Ohio construction companies should focus on attracting and retaining talent.
We must prepare to innovate.
If one thing’s for certain, additional uncertainties are sure to arise in the back-half of 2022. To keep moving in the right direction this year, we need to be open to adapting to emerging technologies and solutions, rather than avoiding them.
Even with these forecasted challenges and necessary actions, we have hope for the second half of 2022.
If our past is any indication of our future, we can have confidence.
Our state’s capital grew more than 12% from 2010-2020, making Columbus the fastest-growing city in the Midwest. Last fall, new construction in central Ohio was valued at nearly $6 billion. This data gives us hope for the Ohio state construction industry.
And, if our expertise can do one thing, it can make powerful progress.
Experts foresee compound annual growth over the next few years. Infrastructure categories, including highway and bridge, transportation facilities, water and sewer projects, have the best outlook of all, thanks to the Infrastructure Investment and Jobs Act (IIJA).
Even with hope, we can’t predict with absolute certainty where 2022 will take us. After all, no one could have imagined the reality that was 2020 or 2021.
Ohio, let’s work together to make the rest of 2022 the best it can be. Together, our industry’s innovation, skilled team members and resilience will continue to move us forward.
To join our mission at I Build America – Ohio, contact us.
