Marcum's 2023 Northeast Ohio Construction Survey

24 THE 2023 MARCUM NORTHEAST OHIO CONSTRUCTION SURVEY

Survey Results Please classify the type of construction work that you perform. (Select all that apply) General contractor 36% Sub contractor 43% Construction management Design/build 22%

In what region of the United States are you located? New England (Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, Connecticut) Middle Atlantic (New York, New Jersey, Pennsylvania) East North Central (Ohio, Indiana, Illinois, Michigan, Wisconsin) West North Central (Minnesota, Iowa, Missouri, North Dakota, South Dakota, Nebraska, Kansas) South Atlantic (Delaware, Maryland, District of Columbia, Virginia, West Virginia, North Carolina, South Carolina, Georgia, Florida) East South Central (Kentucky, Tennessee, Alabama, Mississippi) West South Central (Arkansas, Louisiana, Oklahoma, Texas) Mountain (Montana, Idaho, Wyoming, Colorado, New Mexico, Arizona, Utah, Nevada) 0% Pacific (Washington, Oregon, California, Alaska, Hawaii) 0% Are you located in Northeast Ohio? Yes 100% At your company, which of the following do you anticipate will result from rising interest rates? (Select all that apply) Delay decisions on purchasing equipment 48% 0% 0% 100% 0% 0% 0%

Federal government contractor Service provider (Banks, insurance, attorney, accountant, etc.)

13% 10% 12%

Construction and materials supplier

Other, please specify

Please indicate your company’s annual revenue. Under $1 million

3%

$1 million - $50 million $50 million - $100 million $100 million - $500 million $500 million - $1 billion

69%

7%

17%

1% 3%

Over $1 billion

Please indicate the number of employees at your company. 0 - 50

55% 19% 14%

50 - 100 100 - 500 500 - 1,000

5% 7%

More than 1,000

Delay or cancellation of projects Exploring alternative financing options Exploring joint venture opportunities

55% 33% 13% 58% 49% 52%

Do you use Union or non-Union Labor? Union

27% 45% 28%

Non-Union

Challenges passing additional costs onto customers

Both

Pull back on overhead spending

Less projects to bid%

At your company, which of the following do you anticipate will result from increased inflation? (Select all that apply) Delay decisions on purchasing equipment Delay or cancellation of projects Exploring alternative financing options Exploring joint venture opportunities Challenges passing additional costs onto customers

37% 61% 22% 67% 54% 50% 9%

Pull back on overhead spending

Less projects to bid