PC Construction Industry Analysis

This issue of the Industry Analysis report looks at a Guaranteed Maximum Price (GMP) contract strategy and how it is evolving to better manage construction project risk. More and more owners are turning to multiple GMPs and looking at strategic scope alternates through the GMP process to quickly lock in project pricing while getting the ball rolling on material and equipment with long lead times.

This issue of the Industry Analysis report spotlights the trend between construction input cost and the overall cost of construction. During the early days of the pandemic, the overall cost of new non-residential construction was quickly outpaced by the input cost of completing the work. Now, over two years later, we are starting to see downward trending in the cost of these construction resources.

In this issue of the Industry Analysis report, we spotlight construction labor growth and how your location may compare to others on the East Coast. The relative data points detail the growth percentage in each of PC’s major work areas with an overall state-specific ranking. Overall, we are seeing some positive growth trends in northern New England, slow to moderate growth in North Carolina and Florida, and a declining construction labor market in New York, Metro DC, and Georgia.