Even less construction in 2023?

Green Escrow | New construction, housing

Continued economic uncertainty is threatening to put many construction projects on hold for the foreseeable future. High interest rates, rising material and labor costs, and slowing homeowner demand, all combined with continued recession fears are behind the pessimistic outlook.

From January through November 2022, housing permits declined by 16 percent.

Moreover, many developers are hesitant to begin new projects in city centers where rents have ften not returned to pre-pandemic rates.