In related news, the Arizona Office of Economic Opportunity found that, between November 2021 and November 2022, the — a year-over-year increase of more than 5%. Because of the tight labor market, older workers retiring from the industry and the demand to build new projects throughout the state, industry experts have said there are upward and lucrative opportunities for new construction workers.
“The year 2022 will go down as a banner year for construction starts,” said Richard Branch, chief economist for Dodge Construction Network, in a statement. “Even when adjusted for inflation, commercial and multifamily starts were impressive as construction activity began to move back towards downturn urban cores. This pace of activity, however, is unlikely to be sustained in 2023 as the economy is slated to slow and approach stall speed.
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