The construction and design industry concluded 2022 with an increase of 8% in spending compared to the end of  2021. Residential, commercial, manufacturing and water supply infrastructure projects continued to see positive performance.

As we head into 2023, overall increased spending is projected in all three segments of the construction and design  industries. However, target areas such as the single-family residential, power, office, retail and religious sectors are all expected to experience slowdowns in the year ahead. Construction starts are predicted to be flat as compared to 2022. Read Lockton Companies complete market outlook here.