Material costs and labor issues pushed first quarter profit margins in the U.S. construction industry to their weakest point since the middle of the pandemic, according to a Royal Institution of Chartered Surveyors report.
Those issues caused current first quarter profit margins to drop 27%, a significant reversal from the 4% growth posted in the 2022 fourth quarter, according to the report. The report mirrors weak first quarter results from various public construction companies across the U.S., including Tutor Perini, Fluor and Granite.
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