Despite the challenges of rising mortgage rates and inflation in 2022, contractors remained confident in their solid backlogs and the potential to carry them through a volatile economic landscape. As they look towards 2023, builders are excited about the prospect of a steady pipeline of new projects, and many are optimistic that the past year’s challenges will begin to ease. While price hikes and shortages of some building materials may continue, there is a sense of hope that the volatility in the market will start to subside.
One area where there is particular optimism is in the realm of labor. Demand for skilled laborers is expected to remain high, with elevated job opening rates and rising wages continuing into the new year. This presents an opportunity for those looking for work in the construction industry, as the overall jobs market shows signs of weakening.

From March 2020 to August 2022, the number of residential building and specialty trade contractors increased by 7.9%, or 232,600 workers, according to data from the Bureau of Labor Statistics. This growth is expected to continue in the coming years. The Home Builders Institute’s fall 2022 report projects that there will be 740,000 job openings in the overall construction industry each year to meet the expected expansion through 2024.
To meet this demand, home builders and specialty contractors are ramping up their recruitment and training efforts, reaching out to students in schools to alert them to the job and career opportunities the construction industry offers. This includes promoting the potential for entrepreneurship and the fact that a college degree is not always necessary to earn a good living in the industry.
In addition to the potential for new job opportunities, the industry is expected to benefit from federal spending promises, which will keep demand for construction workers high. As such, contractors feel optimistic about the year ahead and are eager to tackle the challenges and opportunities that 2023 will bring.