Mainebiz

W W W. M A I N E B I Z . B I Z 15 A P R I L 1 7 , 2 0 2 3 R E A L E S TAT E / C O N S T R U C T I O N / E N G I N E E R I N G F O C U S S O U R C E : Associated General Contractors of America NATIONAL OUTLOOK ECONOMIC IMPACT OF CONSTRUCTION (2021) Associated General Contractors of America's national construction inflation report Nationally, construction contributed $959 billion or 4.2% to U.S. GDP of $23 trillion. In Maine, construction contributed $2.6 billion or 3.4% to the state GDP of $76.1 billion. Some costs will likely remain high in 2023, with potential further price spikes. Shortages and extended lead times have moderated or disappeared for some materials but worsened for others. Construction employment in Maine in December 2022 totaled 32,200, a decrease of 300 from December 2021 and an increase of 1,500 from February 2020. 80% of firms in the U.S. reported difficulty filling positions. Russia's cutoff of natural gas to Europe affects the cost of construction plastics, glass and other products that use natural gas as a feedstock or fuel source. Waiting times for lumber and steel products have returned to pre-pandemic levels. There were 872,000 construction establishments in the U.S., including 6,000 in Maine. Private nonresidential construction spending in Maine totaled $1.2 billion. State and local spending totaled $1.4 billion. Limited diesel supplies have kept diesel and asphalt prices elevated and subject to large swings. Deliveries of construction equipment have been delayed by lack of semiconductors. No cement capacity has been added in the U.S. since 2009.

• Cover