| The Bonadio Group’s annual construction industry survey includes results from 100 respondents from construction companies and contractors representing four size categories: under $10 million, $10 to $24.9 million, $25 to 49.9 million, and greater than $50 million in revenue. The survey is primarily made up of companies under $50 million in revenue, as 85% of survey respondents are below that threshold.
This study focuses on four key topics for today’s construction companies: critical issues, outlook on the future, profitability, and contracts. The information in the report is designed to help construction industry executives evaluate their position and standing on issues ranging from financial management techniques to economic outlook to provide an assessment of whether their organization is competitive with other area construction companies.
Slightly more than half (52%) of construction firms and contractors in New York expect positive revenue growth in 2022. The strong economy of recent years contributed to that projection, with 62% of contractors responding that their backlog increased or remained the same year over year. At the same time, decreased optimism about the economy this year led to 48% of respondents believing revenue will stay the same or decrease in 2022.
The survey shows a strong majority of respondents were profitable in 2021 at 90%, while the same percentage of respondents stated that field productivity actually decreased or remained the same from the previous year. The lack of availability of skilled labor was overwhelmingly cited as the reason for the productivity decline.
The ongoing labor shortage was cited as one of the most significant challenges this year, with 75% of respondents reporting their company is struggling to find workers to meet project demands.
We have summarized the complete survey findings in the link below. |
