2022 Construction Cost Data

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Industrial/Commercial Construction Cost Data

Compass International, Inc. is a professional commercial construction cost estimating and consulting firm established in 1992 to provide services to Owners, Financial Institutions, Design Professionals and Construction Organizations.

Compass International services include the publication of eight annual Industrial and Commercial construction cost databases, project and construction management, estimation reviews, audits, and validation services, as well as value engineering, strategic planning, and in-house training for up to 25 mid-senior level staff.

GLOBAL CONSTRUCTION NEWSLETTER

October to December 2022

The recent major damage/leaks and disruption of the Nord Stream gas pipeline under the Baltic Sea have amplified fears of major natural gas shortages in Europe. Was this sabotage and if so, who was responsible for this? This will increase problems for European industry, especially in Germany and its citizens with the cold winter months ahead.

It looks like lower growth and higher inflation are in our future for at least the next 3 to 9 months and possibly longer. The global economy is slowing down as sky-high inflation, energy oil price spikes, supply chain challenges, the war in Ukraine, and lending rate increases continue to impact economic growth and construction activity as we move into 2023.

The global real GDP growth forecast is trending lower. 2023 is expected to grow slowly by 2.4% to 2.8%. Extreme inflationary difficulties seem to have intimidated many Owner/Operating companies. Many of these companies have delayed future CAPEX capital investments for the next 6 to 12 months. 

Inflation is increasing in just about all countries. This could be a serious problem for the construction sector in 2023. Increased construction labor/material costs and shortages of key construction materials remain a problem. Construction materials and supply chain issues are causing price spikes, shortages, and delivery delays.

GLOBAL CONSTRUCTION NEWSLETTER

Q4

The recent major damage/leaks and disruption of the Nord Stream gas pipeline under the Baltic Sea have amplified fears of major natural gas shortages in Europe. Was this sabotage and if so, who was responsible for this? This will increase problems for European industry, especially in Germany and its citizens with the cold winter months ahead.

It looks like lower growth and higher inflation are in our future for at least the next 3 to 9 months and possibly longer. The global economy is slowing down as sky-high inflation, energy oil price spikes, supply chain challenges, the war in Ukraine, and lending rate increases continue to impact economic growth and construction activity as we move into 2023.

The global real GDP growth forecast is trending lower. 2023 is expected to grow slowly by 2.4% to 2.8%. Extreme inflationary difficulties seem to have intimidated many Owner/Operating companies. Many of these companies have delayed future CAPEX capital investments for the next 6 to 12 months. 

Inflation is increasing in just about all countries. This could be a serious problem for the construction sector in 2023. Increased construction labor/material costs and shortages of key construction materials remain a problem. Construction materials and supply chain issues are causing price spikes, shortages, and delivery delays.

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