Marcum's 2023 National Construction Survey

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EXPENSES As you’ll see in the figures, many companies have a renewed focus on cutting costs, and while the supply chain agony of the past few years is subsiding, overall costs remain a challenge. Once again, 60% of respondents said general and administrative (G&A) overhead expenses were higher than the past year, and 43% expect the coming year to be higher still. That’s down from 55% last year, as preparing for a recession is on many companies’ agendas. TAXES Taxes were cited as the third-most important political issue facing companies, behind only material price volatility and healthcare costs. Yet when asked if they have explored the Research and Development tax credit, only 26% are leveraging it and 58% are not while 16% are aware of it but do not plan to use it. While this credit doesn’t work for everybody, these numbers suggest some lost opportunities. This benefit is indeed getting more challenging to use, but working with a tax expert can help you get smarter about your overall tax approach. Be sure to tap expert knowledge to reduce your tax burden, whether through the tax credit or otherwise.

55%

Concerned about delayed or canceled projects due to inflation.

26%

Saw a decrease in their ability to obtain financing – twice as many compared to 2022.

43%

Expect higher general and administrative (G&A) overhead expenses in 2023, down 12% from last year.

26%

Leveraging Research and Development tax credit.