ENR California says construction growth rates will begin slowing “and remain flat in the coming years” after a “large construction start volume for the next four years.”
“We have been on a great run, but we are seeing rising interest rates, a slowing of foreign investors, rising construction costs and a shortage of talent,” the publication quoted Gust Soteropulos, Webcor’s senior vice-president and general manager, as saying.
Despite these challenges, the planned 2028 Olympics will support construction demand through the next nine years. Soteropulos suggests there will be a “significant push to complete projects, particularly infrastructure, affordable housing and tech company growth in the region,” ENR reports.
