The Dallas construction forecast for this year and into next is very challenging to assess at this time. This, given the present set of circumstances, which include both positive and negative factors. For example supply chain disruptions and materials shortage along with near-historic interest rates and strong consumer demand. Additionally, there are other elements that form a strong paradox and because of these wildly varying circumstances, the Dallas construction market remains in a very unstable and uncertain state. However, there are some indicators that can be examined.
The Dallas construction industry forecast for the near future will likely stay in its current disruptive, state of flux. This is largely due to the present labor shortage, along with the lack of building materials, such as lumber and plywood, and a prolonged supply chain disruption. Additionally, demand continues to outpace supply which also puts negative pressure on the construction industry.
Conversely, there are some very positive Dynamics at play at the same time. These include the above-mentioned near historic low-interest rates and consumer demand. Though inflationary pressure continues to rise, consumer spending remains strong and consumer sentiment is at the very least even.
These positive indicators are joined by another driving dynamic, which is the very large influx of new residents who are leaving the West Coast for Texas. It’s not only private individuals that are moving away, but also entire businesses who are relocating to the Lone Star State. This means there’s an immediate and long-term need for commercial and residential construction alike.