Against a backdrop of supply chain shortages, inflationary pressure, energy challenges, and war in Ukraine, capital project owners and construction contractors appear to remain positive about the direction for the industry, according to the second annual Global Projects Outlook from InEight Inc.
Based on research conducted with 300 of the world’s largest capital projects owners and construction professionals across North America, Europe and the Asia Pacific region, the study focused on optimism levels and digitization.
Findings of the outlook show 99% of North American respondents are either "very optimistic" or "optimistic" about their organization’s growth prospects for the next year, up from 97% in 2021. With research conducted in March 2022, the sense of optimism displayed is not surprising closer to the start of the year, compared to today as many economists believe the industry and the overall economy might be heading into a recession.
“Last year was a uniquely challenging time, and the global construction sector’s buoyancy and resilience in the face of it was exceptional,” said Jake Macholtz, CEO InEight.
InEight
He notes that any breathing room that was gained from the pandemic subsiding has been taken up by global supply chain shortages, inflationary pressure, an energy crisis, and the war in Ukraine.
“Tough times no longer look like the exception,” he said. “While the challenges have remained, so too have the confidence, optimism and resilience of the global construction sector. Those with higher levels of technological maturity are best placed to do so and threaten to outpace their slower rivals.”
