Marcum's 2023 Northeast Ohio Construction Survey

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marcumllp.com

Higher rates are not only affecting projects and day-to day business; they are also stoking fears of a recession. Historically, when the Fed aggressively fights inflation with repeated rate increases, it typically results in at least a mild recession. Whether that happens or not, most analysts are predicting slower growth for the construction industry, and part of the survey included asking how companies are preparing. Most said they are focused on managing capital and cash flow, with a sizable increase in those doing more strategic planning. These reports include more than a summation of data. They also provide some useful tools and tips that can help overcome the most vexing and common problems raised in the survey, ideally delivering ideas you can use to boost your bottom line. Be sure to read the sidebar articles, which this year include a deep dive into succession planning issues, creative ways to address labor challenges, and a high-level view of the economic landscape for construction from Marcum’s Chief Construction Economist, Anirban Basu. As always, we welcome feedback. Please enjoy the report.