With rising interest rates and the threat of a recession, some may be concerned about the Houston commercial construction market in 2023. However, there is reason to be optimistic if you are hoping to open a storefront in the new year.

While it may feel like 2023 is off to a rocky start, inflation is anticipated to decrease and the economy should stabilize in the second half of the year. The commercial construction industry is not expected to experience any major setbacks, thanks in part to the support of a strong banking system.

While construction worker shortages are likely to remain a challenge, the price of materials is predicted to decline.

Business owners planning to open a new shop should be encouraged by the assessment of Richard Branch, chief economist for Dodge Data & Analytics: “The levels of activity for retail are still reasonably high, certainly relative to the kinds of construction we saw in the wake of the Great Recession.”

For the Houston commercial construction market specifically, expectations for 2023 are bright. People are moving into the area and will continue to do so, which drives a steady demand for new businesses. Whether you are opening a doctor’s office, coffee shop or some other retail store, Houston continues to be rife with opportunities for acquiring new customers.

What happens if there is a recession? According to Branch, it would not be cause for alarm: “If we go into a recession in 2023, it could mean for manufacturing and infrastructure that more real work gets done for the dollars allocated.”

If you are ready to start your Houston commercial construction project but are feeling apprehensive about the outlook for 2023, let’s talk. We will walk you through every step of the process to be sure your commercial build-out is set up for success.

Related Posts