Matthew DiBara, owner of DiBara Masonry. Courtesy photo Surviving Construction Inflation With a Savvy Business Plan
Surviving inflation will take some savvy business maneuvering and an understanding of the ebb and flow of inflation as a whole.
November 29, 2022 at 11:03 AM
5 minute read
Board of Contributors
In today's economy, inflation is greatly affecting nearly every industry. The construction industry has not escaped the crushing results of record-high inflation, leaving many contractors worried about what's to come. The cost of necessary construction materials as well as the labor needed to complete jobs has skyrocketed. The inflation rate for construction was 3.4% in 2019 and has jumped to a whopping 12.8% in 2022, affecting both residential and commercial building, hiring and job competition. So, how do contractors and construction companies ride this wave of record inflation? Is there relief for the construction industry somewhere in the near future? Surviving inflation will take some savvy business maneuvering and an understanding of the ebb and flow of inflation as a whole.
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