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Construction Industry 'Flexed its Muscles' in the Third Quarter12-02-16 | Economic News

Construction Industry 'Flexed its Muscles'
in the Third Quarter

Forecast Contained in Third Quarter JLL Construction Outlook

Jones Lang LaSalle, a financial and professional services firm, said though the construction industry will continue to expand in 2017, the current labor shortage will slow that growth by the end of the year.

Jones Lang LaSalle (JLL), a financial and professional services firm, said in its Construction Outlook Q3 2016, that the level of construction spending has been consistent at the industry's cyclical highs, and that the market "flexed its muscle" in the third quarter.

Despite these positives, however, the labor crunch continues to be a major challenge for builders and construction firms. As a result, JLL said it expects slower growth by the end of 2017.

"This coming shift will force many firms to shrink budgets and consolidate services to clients, creating more competition for projects in the near future," JLL said.

Its third quarter report explores the current state of the industry and a forecast for the coming months. "Specifically, we take a look at how economic risk, labor shortages and new technologies are impacting both firms and markets," JLL said. "And, we dig into four key sectors: office, industrial, hospitality and retail."

The full report and other details about JLL are available at its website:
https://www.us.jll.com/united-states/en-us/research/us-construction-perspective.