Economics, Labor Shortages, Supply Chain Woes keep Construction Execs up at Night

Article originally posted on Phoenix Business Journal on May 18, 2023

The number of construction cranes rising above downtown Phoenix may have increased shade in the area, but it hasn’t put the top executives of the area’s biggest construction firms at ease.

While we assembled the annual Business Journal’s Commercial Building Contractors list, we gave the top executives of the leading builders an opportunity to answer a few optional questions on the state of the local construction industry. One of the questions was, “Looking at the remainder of 2023 and on to 2024, what single issue is causing you the most worry, and why?”

Chuck Carefoot is the president of Southwest region for Ryan Cos.

“The current financial environment presents challenges with funding construction loans and refinancing real estate on time. This also trickles down to our clients – our customers and investment partners are dealing with the fluctuating economic conditions, and their decision-making process has slowed to reflect these conditions. As we continue to face these issues head-on, forecasting the timing and projected costs of projects will remain a challenge that I expect will correct itself in 2024.” – Chuck Carefoot, Southwest Region president, Ryan Companies US Inc.

“The overall economy with the Fed action to thwart inflation causing interest rate hikes that directly impact development and overall economic activity.” – Kelly Pettigrew, regional vice president, FCL Builders.

Find the Full Article Here: bizjournals.com/…/commercial-building-contractor-list