Government funding, technology adoption trends reveal what to expect in Q4
HAMILTON, NJ — Oct. 13, 2022 — Commercial and institutional planning data reveal recovery and optimism for the construction landscape heading into Q4 amid continued economic headwinds, according to a new quarterly report from Dodge Construction Network released today.
The report, Bolstering Economic Recovery: Dodge Construction Network Q3 Report, highlights key insights from the latest data analysis and published reports from the last three months. In addition, it explores expert insight about recent government funding, slated to address sustainability and innovation across the construction industry.
A Look at U.S. Innovation Funding
In the report, Chief Economist Richard Branch discusses the government funding from the CHIPS Act’s and the Inflation Reduction Act’s timeline to industry impact, and where potential roadblocks for deployment may exist.
Another leading area of the report centers on the role of U.S. government funding directed at developing solutions to address the ongoing climate crisis.
“The IRA’s funding adds to the tailwinds already experienced from pursuing lower carbon footprints, as the data featured in the Building Sustainable: The Drive to Reduce Embodied Carbon in Concrete Construction SmartMarket Brief released in September reveals,” said Dr. Donna Laquidara-Carr, industry insights research director at Dodge Construction Network. “That study shows the influence of ESG disclosures and increasing owner pressure on design and construction to reduce embodied carbon in projects involving concrete has led to high levels of engagement by engineers and contractors with this issue.”
Innovation Despite Adversity
The quarterly report also explores the various technologies leveraged by construction companies to increase productivity and efficiency, and evaluates the importance of technology adoption on the modern jobsite. As economic conditions connected to rising interest rates and labor shortages impact construction, the industry is increasingly implementing technology solutions to complete projects efficiently and effectively, the report finds.
“Productivity in construction has been slow to make gains. This is mainly because construction is just beginning to take advantage of innovative technological trends,” said Richard Branch, chief economist at Dodge Construction Network. “ One area where investments could improve at all stages is investing in technology both on-site and in the back offices.”
To learn more about the economic opportunities and implications across Q3 2022 and what it means for the future of the construction economy, read Bolstering Economic Recovery: Dodge Construction Network Q3 Report here.
About Dodge Construction Network Dodge Construction Network leverages an unmatched offering of data, analytics, and industry-spanning relationships to generate the most powerful source of information, knowledge, insights, and connections in the commercial construction industry. The company powers four longstanding and trusted industry solutions—Dodge Data & Analytics, The Blue Book Network, Sweets, and IMS—to connect the dots across the entire commercial construction ecosystem. Together, these solutions provide clear and actionable opportunities for both small teams and enterprise firms. Purpose-built to streamline the complicated, Dodge Construction Network ensures that construction professionals have the information they need to build successful businesses and thriving communities. With over a century of industry experience, Dodge Construction Network is the catalyst for modern commercial construction. To learn more, visit construction.com
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