##### 2023 engineering and construction


-----

## Contents

Growth to continue amid increasing challenges 3

Trends to watch

1. Market dynamics
**_Industry segments experience different growth trajectories and increased competition_** 4

2. Supply chain
**_Increased lead times and volatile material costs pressure margins_** 5

3. Future of work
**_Talent pressures and shifting talent models lead the industry to rethink workforce strategies_** 6

4. Emerging technologies
**_Developers and contractors further invest in emerging technologies to drive efficiencies_** 7

5. ESG and sustainability
**_Industry evaluates new practices to deliver positive societal impacts_** 8

Preparedness could be crucial to navigate volatility 9

Let’s talk 10

**About the Deloitte survey**

To understand the outlook and perspectives of organizations across the engineering and construction industry, Deloitte fielded a
survey of more than 100 US executives and other senior leaders in August 2022. The survey captured insights from respondents
in five specific industry segments: residential construction, institutional and commercial construction, industrial construction,
infrastructure and heavy construction, and engineering services.


-----

#### Growth to continue amid increasing challenges

The US engineering and construction (E&C) and is expected to drive construction in 2023
industry began 2022 on a bright note after and beyond.[3] On the other hand, residential
achieving strong growth of 8% in construction construction companies are relatively more
spending in 2021.[1] While the value added pessimistic about the industry outlook for the
reached $1 trillion in Q2 2022, gross output next year compared to other segments. The
stood at $2 trillion in Q2 2022 compared to $1.9 residential segment may witness sluggish growth
trillion in Q2 2021.[2] But a closer look at current due to weakening consumer demand. So, while
market dynamics suggests that 2023 will likely some segments may be more bullish than
experience differentiated growth rates across others, there are headwinds, such as inflation
different industry segments. and supply chain issues, which may continue to

affect the industry overall in the coming year. The

On the one hand, the nonresidential segment is construction industry is expected to continue
likely to be buoyed by funds entering the market feeling the effects of increased prices—from
from the Infrastructure Investment and Jobs Act the rising prices of steel, lumber, and fuel to the
(IIJA) and the CHIPS and Science Act of 2022. The increased cost of skilled labor. As a consequence,
CHIPS and Science Act provides $52.7 billion for the industry could experience project completion
American semiconductor research, development, delays, increased construction costs, and
manufacturing, and workforce development reduced profit margins.


-----

# 1
**Market dynamics**

###### Industry segments experience different growth trajectories and increased competition

2023 could be a different year for the industry, with heightened uncertainty due to high inflation, rising interest rates, and bifurcation across
various industry segments. Companies are keeping an eye on how their backlogs will play out in 2023, especially during the second half
of the year. While many companies have substantial backlogs, specifically in energy-related construction (e.g., liquefied natural gas [LNG]
facilities) and data centers, as they get through the back half of 2023, they may see a potential impact of economic slowdown on their
deliveries. Construction activity has broadly started declining due to rising interest rates and deteriorating fundamentals for commercial real
estate. An uptick in interest rates raises project costs as input prices increase. Also, an increase in material and compensation costs reduces
contractors’ profit margins.

These dynamics will affect some sectors more than others (figure 1). For example, home builders, infrastructure contractors, and industrial
plant developers will have different growth trajectories. For instance, the Dodge Momentum Index (DMI), a monthly measure of the
initial report for nonresidential building projects issued by Dodge Construction, fell 1.2% in August 2022 to 171.9. While the commercial
component of the index increased by 1%, the institutional component decreased by 5.6%.[4]

**Figure 1. Changing market dynamics to affect industry segments differently**

Decreasing housing affordability **Market uncertainty:** **Nonresidential**
High mortgage rates Inflation
Sluggish demand High interest rates Substantial blacklogs

Rising costs Government projects

**Residential** Supply chain constraints

Material and labor shortage

_Source: Deloitte analysis._

Housing construction in the United States slowed down in August primarily due to high interest rates, supply chain constraints, and
decreased housing affordability. According to the US Census Bureau, building permits fell by 10% to 1.5 million in August 2022 from the
previous month.[5] With the Federal Reserve further tightening interest rates to combat inflation, housing construction and permits will likely
remain volatile.[6] Additionally, mortgage rates remain high. The average rate on a 30-year fixed-rate mortgage was 6.3% in mid-September
2022, the highest since late 2008.[7] Home builders will likely experience sluggish demand as real consumer spending is forecast to fall in
2023[8] amid an uncertain economic environment.

By contrast, companies building infrastructure projects are likely to remain relatively insulated from the economic slowdown, driven by
strong infrastructure buildouts, and the substantial project backlogs developers and contractors have in their pipeline. In addition, the next
round of $1 trillion in IIJA funding enters the market starting October 2022 for several projects.[9] However, labor shortages, wage inflation,
and ongoing supply chain constraints may slow this growth.[10]

Moreover, developments in the global E&C market, such as how companies deliver projects and what regulations and standards they
use (e.g., Building Information Modeling, or BIM, standards), are likely to impact the US market. Since the International Organization for
Standardization (ISO) published its first global BIM standards in 2019, several countries have made the use of certain BIM standards
mandatory.[11] As standards, such as ISO 19650 (an international standard for managing information over the whole life cycle of a built asset
using BIM), become more consolidated and widely adopted, they are expected to drive growth in the US market when US companies adopt
those standards from regions such as Europe, Australia, and Canada.

There is also an ongoing shift in mergers and acquisitions (M&A) with increased activity by private equity (PE) investors to buy
subcontractors and form synergies and economies of scale. M&A activity by PE investors in construction registered a deal value of $11.8
billion in 55 acquisitions between January and August 2022. The number of deals increased by around 6% compared to the same period in
2021, while the deal value soared by 297%. The industry could experience mergers and acquisitions of material suppliers and allied service


-----

# 2

**Supply chain**

###### Increased lead times and volatile material costs pressure margins

Over the past two years, the COVID-19 pandemic, transport bottlenecks, and geopolitical uncertainties have exposed vulnerabilities in the
E&C supply chain. These disruptions have raised material costs, confined production, and restricted freight movement. Four in five survey
respondents cited supply chain disruptions as one of their company’s top three challenges in the next year.

The industry continues to observe input price fluctuations, and the volatility in material costs is driving up the overall cost of construction
(figure 2). Prices of construction inputs increased 40.5% between February 2020 and August 2022.[12] Persistent inflation could hurt
contractors who have not bought large quantities of their materials at normalized prices or included appropriate price escalation clauses in
their contracts.

**Figure 2. Volatility in material prices continue**

32

28

24

20

16

12

8

4

0

-4

-8

-12

-16

**Monthly percentage change in prices** **_COVID-19_**

-20 **_outbreak_**

-24

-28

-32
Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22

Concrete products Aluminum mill shapes Iron and steel Softwood lumber

_Source: Deloitte analysis of BLS data._

The ongoing disruptions are expected to drive the E&C industry toward new business models, supported by new ecosystems that bring
innovative products and services to serve the unique needs of different end markets.

-  **Technology: For example, a construction technology company has leveraged 3D, virtual modeling, and robotics for a new offsite**
home-building approach that addresses labor shortages and controls carbon emissions.[13] To address the supply challenges and rising
material costs, developers and contractors will likely leverage advanced technologies to assess strategic inventory strategy for materials
and inputs.

-  **Ecosystem approach: An ecosystem approach can improve E&C companies’ ability to respond to disruptions and enable**
interoperability throughout the supply chain. Firms investing and participating in ecosystems are more likely to reap higher strategic
benefits.[14] By forming an ecosystem with Industry 4.0 providers and material suppliers, E&C companies can use data-sharing platforms
to exchange real-time information with material suppliers in case of a disruption or shortage of supply.

-  **Heightened focus on supply chain management: E&C companies are expected to increasingly stand up supply chain management**
functions and build more local capacity, driving competition across the industry. Companies will likely expand capacity for the supply of
materials in the United States, get closer to customers to address supply chain constraints, and be less dependent on foreign suppliers.


-----

# 3

**Future of work**

###### Talent pressures and shifting talent models lead the industry to rethink workforce strategies

The E&C industry remains significantly short of skilled workers, further exacerbated by a tight labor market. More than 82% of survey
respondents mentioned a tight labor market and an exiting workforce as one of their company’s top challenges in the next year. Even
though the construction industry has a strong pipeline of projects and spending, especially the infrastructure buildouts, may be challenged
to meet the demand due to a persistent shortage of workers and high turnover.

Labor availability in construction continues to decline (figure 3), driven by declining interest in the industry, an aging population, and talent
pressures in “competing” industries such as technology and trucking. Many workers, especially from the younger generation, are preferring
less physically demanding jobs. The number of construction workers between the ages of 25 and 54 decreased by 8% in the past 10 years,
while the share of older workers leaving the industry increased.[15]

**Figure 3. Job openings in construction continue to remain high**

**450**

**400**

**350**

**300**

**250**

**200**

**150**

**Job openings in construction (thousands)** **100**

**50**

**0**

Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22

_Source: Deloitte analysis of BLS data._

To retain top talent, companies should consider a workforce strategy based on two pillars: a purpose-driven organization and a
personalized career path. Moreover, technology adoption and innovation could help attract employees with new skills and roles such
as data scientists and retain workers by encouraging them to work with cutting-edge tools. In addition, an increased focus on diversity,
equity, and inclusion (DEI) in hiring could yield additional talent for the industry. In 2021, only 11% of all construction workers were women,
6.3% were Black, and 2.1% were Asian.[16] According to a Deloitte study, DEI hiring can help raise productivity, enhance organizational
management, improve financial performance, and increase innovation.[17]

Addressing the tight labor market and exiting workforce amid shifting talent models will likely remain a priority for most E&C companies
in 2023. According to Deloitte’s survey, 91% of respondents agree that offering a flexible and agile workforce structure can help E&C
companies to attract and retain talent.


-----

# 4

**Emerging technologies**

###### Developers and contractors further invest in emerging technologies to drive efficiencies

While the E&C sector has been historically slow in integrating and Generative design methods produce unique optioneering options
adopting digital technologies, industry players are now increasingly (design alternatives) and enable faster collaboration between E&C
paying attention to and leveraging emerging technologies. Most companies and their customers. These innovative methods help
E&C companies are utilizing digital technologies to expand business improve project execution, resulting in better managed costs and
opportunities and boost profits by reducing costs in the long run schedules. The generative design approach allows companies to
and enhancing project execution. Further, with increased global leverage modern optimization algorithms and cloud computing
supply chain disruptions, increased competition, worker shortages, power, combined with codified rules, engineering parameters, and
and skyrocketing material prices, the need for digital transformation constraints for early design considerations.
in construction has become much stronger.

Prefabrication and modular construction will likely continue to be

Construction companies are under pressure to safely deliver a key new way of working and delivering projects. These modern
high-quality projects on time and within budget despite these construction methods enable more standardization across the
challenges. While external factors remain outside companies’ building process and allow construction firms to actively address
control, implementing new technologies can help increase visibility the severe productivity problems affecting construction projects’
and tackle process inefficiencies.[18] For instance, construction quality and pace of delivery. According to Deloitte’s survey, 46%
companies will likely adopt digital technologies through two IIJA of respondents will likely invest in prefabrication and modular
initiatives: advanced digital construction management systems construction capabilities next year. 2023 will likely experience
(ADCMS) and the Technology and Innovation Deployment Program increased adoption rates for the same as more developers and
(TIDP) related to the transportation sector managed by the contractors look to capitalize on building in controlled environments
Federal Highway Administration. These initiatives will provide a to drive operational efficiencies while also solving for changing
total of $550 million to promote the use of digital technologies customer demands and addressing margin erosion.
on government-funded projects. TIDP comprises research and
development (R&D) and other efforts related to highways and Leading E&C companies have adopted a structured approach to
transportation, while ADCMS is part of the TIDP and was created innovation and exploring emerging technologies. They seek to
to advance technologies such as BIM, 2D and 3D modeling, and mitigate the following risks:
others.[19] Similar programs will likely be explored across other
industrial sectors such as energy and mining and metals. More than -  **Overlapping funding requests that can lead to confused**
half of the Deloitte survey respondents agreed they would likely **project approvers and other inefficiencies.**
invest in digital technologies such as artificial intelligence (AI), digital
twins, and BIM in the next year. -  **Creating a burden on talent through siloed R&D, lack**

**of defined impact measures, and lack of technology**

Moreover, developers and contractors are likely to further invest **readiness frameworks.**
in combined digital and physical technologies such as visual
intelligence, sensors and Internet of Things (IoT) devices, robotics, -  **Prioritizing investments incorrectly due to lack of a**
immersive collaboration, and drones to increase efficiency. Around **disciplined program approach.**
44% of survey respondents have shown interest in investing in
advanced technologies. For example, an industrial technology Assuming these risks can be minimized, both established providers
company recently released an all-in-one cloud-hosted software that and startups are expected to continue bringing innovative solutions
enables end-to-end workflow estimation for general and specialty of different maturity and readiness levels. A focus on practical
contractors. It provides a structure for consistent and standardized value and return on investment could further expedite these
estimating procedures that allows companies to leverage leading efforts and potentially achieve significant gains for organizations.
practices to boost accuracy and productivity. It also offers In 2023, companies will likely increase the adoption of structured
collaboration software that connects users with data on any device approaches to emerging technologies across the E&C industry.
to enable efficient project collaboration.[20]


-----

# 5

**ESG and sustainability**

###### Industry evaluates new practices to deliver positive societal impacts

Many customers are becoming more sustainability conscious and placing greater pressure on developers to lower the carbon footprint of
new construction. The increasing global focus on climate change could incentivize construction companies to factor sustainability into their
projects, construction processes, and designs (figure 4).

**Figure 4. Top priorities of E&C companies to drive sustainability**

**Promoting sustainable design, development, and construction practices** **83%**

**Encouraging the sustainable use of resources and new materials** **76%**

**Reducing energy consumption** **63%**

**Reducing waste generation and encouraging responsible disposal of waste** **60%**

**Sourcing low-carbon energy** **17%**

_Source: Deloitte analysis._

The 2021 World Green Building Trends report showed that commitments to boost green building efforts remain strong. Thirty-four percent of
surveyed companies in the United States were focused on green building, and 46% reported that they would do so in the next three years.[21]
According to a survey by Associated General Contractors of America in June 2022, 78% of respondents reported having policies to promote
recycling, 48% for materials reuse, and 26% for environmentally friendly or sustainable purchasing. However, only 14% currently report
greenhouse gas (GHG) emissions on one or more projects.[22]

However, the construction industry is fragmented and project-based, which makes it more challenging to adopt sustainable technologies.
One of the biggest challenges construction companies face when implementing sustainable practices is a lack of integrated visibility in their
processes and with subcontractors. As a result, the sector is likely to focus on technology because digitalization plays a key role in enabling
energy efficiency and demand flexibility in facilities and buildings. For instance, technologies such as big data and AI/machine learning can
help companies track their overall carbon footprint.[23] Smart buildings and infrastructure, which integrate IoT sensors, can increase data
availability to track and monitor energy efficiency and enable more efficient operations and maintenance.

ESG will continue to be an increasingly important part of requirements from the operating owners, and it will likely be reflected accordingly
in the flow-down requirements. Additional opportunities in 2023 will likely include considerations for green construction materials (e.g.,
recycled plastic bricks), renewable energy sources (e.g., hydrogen/solar), and a wide range of supply chain topics, including transparency,
traceability, resiliency, and circularity.

E&C companies are also factoring in social and governance issues such as ethical organizational practices, community impact and
involvement, quality of governing body, and risk and opportunity oversight[24] because these are increasingly important to stakeholders.
To remain competitive, construction companies should prioritize and innovate how they identify, plan, and deliver on ESG strategies
that comply with regulatory requirements and investor demands, as well as benefit the communities in which they operate. They should
remain aware of changing regulatory requirements and reporting procedures. For instance, in March 2022, the Securities and Exchange
Commission (SEC) proposed a new rule that would require public companies to disclose annually certain climate-related financial statement
metrics, information related to climate-related risks, and GHG emissions in public disclosure filings.[25] If these rules are finalized and effective
during this calendar year, they could begin to be phased in for 2023.[26]


-----

#### Preparedness could be crucial to navigate volatility

2022 got off to a strong start for the E&C industry but was met with several strong headwinds,
including rising costs and labor shortages. This created both opportunities and challenges for
the industry. E&C companies should prepare for the rapidly changing operating environment
characterized by supply chain challenges, high inflation, rising interest rates, increasing material
costs, and persistent labor shortages. As developers and contractors compete intensely for
materials and talent, business continuity, along with buying strategies such as centralized buying/
demand planning across projects, should remain a key priority in 2023.

In the coming year, E&C companies will be attuned to the different business environments in each
of their customer markets and should therefore focus on the following:

-  Having better control over leverage and credit, and creating a buffer through additional cost
savings

-  Paying attention to changing workforce and workplace expectations and skills levels to more
effectively retain talent in a competitive market

-  Increasing the use of digital technologies to improve visibility and efficiency, providing
resilience amid ongoing disruption

-  Capitalizing on additional funds and projects arising from the IIJA and Inflation Reduction Act
that could provide additional opportunities in the infrastructure segment

Where companies invest, how they approach project delivery, and how they differentiate
themselves in the market is important as the industry becomes more competitive in 2023.


-----

### Let’s talk

**Michelle Meisels**
US Engineering & Construction Leader
Deloitte Consulting LLP
[mmeisels@deloitte.com](mailto:mmeisels%40deloitte.com?subject=)
+1 213 688 3293

**Kate Hardin**
Executive Director
Deloitte Research Center for
Energy & Industrials
Deloitte Services LP
khardin@deloitte.com
+1 617 437 3332

**Key contributors**


**Paul Wellener**
Vice Chair – US Industrial Products &
Construction Leader
Deloitte LLP
[pwellener@deloitte.com](mailto:pwellener%40deloitte.com?subject=)
+1 216 830 6609


**Aijaz Hussain, senior manager, Deloitte Research Center for Energy & Industrials, Deloitte Services LP**

**Anuradha Joshi, analyst, Deloitte Research Center for Energy & Industrials, Deloitte Services India Private Limited**


-----

### Endnotes

1. [Construction Analytics, “Midyear 2022 construction data,” August 16,](https://edzarenski.com/tag/forecast/)
2022.

2. [US Bureau of Economic Analysis, “Value added by industry,” accessed](https://apps.bea.gov/iTable/?reqid=150&step=2&isuri=1&categories=gdpxind)
September 30, 2022.

3. [The White House, “Fact Sheet: CHIPS and Science Act will lower costs,](https://www.whitehouse.gov/briefing-room/statements-releases/2022/08/09/fact-sheet-chips-and-science-act-will-lower-costs-create-jobs-strengthen-supply-chains-and-counter-china/)
[create jobs, strengthen supply chains, and counter China,” August 9,](https://www.whitehouse.gov/briefing-room/statements-releases/2022/08/09/fact-sheet-chips-and-science-act-will-lower-costs-create-jobs-strengthen-supply-chains-and-counter-china/)
2022.

4. [Dodge Construction Network, “Dodge Momentum Index dips in August,”](https://www.construction.com/news/August-2022-DMI)
news release, September 8, 2022.

5. [US Census Bureau, “Monthly new residential construction, August 2022,”](https://www.census.gov/construction/nrc/pdf/newresconst.pdf)
news release, September 20, 2022.

6. Austen Hufford, “Home building fell sharply in July as costs increased,”
_Wall Street Journal, August 16, 2022._

7. [Freddie Mac, “Mortgage rates exceed six percent for the first time since](https://freddiemac.gcs-web.com/news-releases/news-release-details/mortgage-rates-exceed-six-percent-first-time-2008?_ga=2.37387429.46994640.1663830249-976001873.1662450657)
[2008,” news release, September 15, 2022.](https://freddiemac.gcs-web.com/news-releases/news-release-details/mortgage-rates-exceed-six-percent-first-time-2008?_ga=2.37387429.46994640.1663830249-976001873.1662450657)

8. [Daniel Bachman, “United States economic forecast,” Deloitte, September](https://www2.deloitte.com/us/en/insights/economy/us-economic-forecast/united-states-outlook-analysis.html)
15, 2022.

9. [The White House, Building a better America, accessed September 7, 2022.](https://www.whitehouse.gov/wp-content/uploads/2022/05/BUILDING-A-BETTER-AMERICA-V2.pdf)

10. [Dodge Construction Network, “Costs are up, but so are profit expecta-](https://www.construction.com/news/TCQ_042622)
[tions: How civil contractors are dealing with supply chain challenges,”](https://www.construction.com/news/TCQ_042622)
news release, April 26, 2022.

11. [Kim Slowey, “ISO publishes first international BIM standards,”](https://www.constructiondive.com/news/iso-publishes-first-international-bim-standards/547136/)
_Construction Dive, January 30, 2019._

12. [Associated Builders and Contractors (ABC), “Monthly construction input](https://www.abc.org/News-Media/News-Releases/entryid/19596/monthly-construction-input-prices-dip-in-august-but-are-up-17-from-a-year-ago-says-abc)
[prices dip in August, but are up 17% from a year ago, says ABC,” news](https://www.abc.org/News-Media/News-Releases/entryid/19596/monthly-construction-input-prices-dip-in-august-but-are-up-17-from-a-year-ago-says-abc)
release, September 14 2022.

13. [Jeff Clemetson, “Agorus raises $10M for Precision Construction](https://www.sdbj.com/featured/agorus-raises-10m-for-precision-construction-platform/)
[platform,” San Diego Business Journal, July 21, 2022.](https://www.sdbj.com/featured/agorus-raises-10m-for-precision-construction-platform/)


14. [Paul Wellener et al., Ecosystem pathways for connected construction,](https://www2.deloitte.com/content/dam/Deloitte/us/Documents/manufacturing/us-connected-construction-playbook.pdf)
Deloitte, 2021, pp. 5–7.

15. [ABC, “ABC: Construction industry faces workforce shortage of 650,000 in](https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&cad=rja&uact=8&ved=2ahUKEwjEluDJwqD6AhUwq1YBHXI6D04QFnoECAgQAQ&url=https://www.abc.org/News-Media/News-Releases/entryid/19255/abc-construction-industry-faces-workforce-shortage-of-650-000-in-2022&usg=AOvVaw2r461slnrKZUhzUATrbi1O)
[2022,” news release, February 23, 2022.](https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&cad=rja&uact=8&ved=2ahUKEwjEluDJwqD6AhUwq1YBHXI6D04QFnoECAgQAQ&url=https://www.abc.org/News-Media/News-Releases/entryid/19255/abc-construction-industry-faces-workforce-shortage-of-650-000-in-2022&usg=AOvVaw2r461slnrKZUhzUATrbi1O)

16. [BLS, “Labor force statistics from the current population survey,” last](https://www.bls.gov/cps/cpsaat18.htm)
modified January 20, 2022.

17. [Paul Wellener, Victor Reyes, and Chad Moutray, Beyond reskilling:](https://www2.deloitte.com/content/dam/Deloitte/us/Documents/energy-resources/us-dei-beyond-reskilling.pdf)
_[Manufacturing’s future depends on diversity, equity, and inclusion, Deloitte,](https://www2.deloitte.com/content/dam/Deloitte/us/Documents/energy-resources/us-dei-beyond-reskilling.pdf)_
2021, p. 9.

18. [Quickbase, “So much data, so little visibility: Addressing project](https://www.constructiondive.com/spons/so-much-data-so-little-visibility-addressing-project-management-challenge/627049/)
[management challenges,” Construction Dive, July 18, 2022.](https://www.constructiondive.com/spons/so-much-data-so-little-visibility-addressing-project-management-challenge/627049/)

19. [Matthew Thibault, “What contractors need to know about IIJA’s](https://www.constructiondive.com/news/contractors-need-to-know-iija-contech-infrastructure-act-construction-tech-funding/627173/)
[construction tech carve-outs,” Construction Dive, July 13, 2022.](https://www.constructiondive.com/news/contractors-need-to-know-iija-contech-infrastructure-act-construction-tech-funding/627173/)

20. [Trimble, “New all-in-one, cloud-hosted subscription facilitates end-to-end](https://eijournal.com/news/products-2/new-all-in-one-cloud-hosted-subscription-facilitates-end-to-end-estimating-workflow-for-general-and-specialty-contractors)
[estimating workflow for general and specialty contractors,” press](https://eijournal.com/news/products-2/new-all-in-one-cloud-hosted-subscription-facilitates-end-to-end-estimating-workflow-for-general-and-specialty-contractors)
release, June 15, 2022.

21. [Dodge Construction Network, World green building trends 2021, 2021, p.](https://www.construction.com/toolkit/reports/World-Green-Building-trends-2021)
67.

22. [Associated General Contractors of America (AGC), “Recycling policies are](https://www.agc.org/news/2022/06/29/recycling-policies-are-widespread-and-other-survey-findings)
[widespread and other survey findings,” news release, June 29, 2022.](https://www.agc.org/news/2022/06/29/recycling-policies-are-widespread-and-other-survey-findings)

23. [Catherine Lynch, “The construction industry is getting greener: Why,](https://www.forbes.com/sites/sap/2021/08/25/the-construction-industry-is-getting-greener-why-how-and-whats-changing/?sh=25940c8952bc)
[how, and what’s changing?,” Forbes, August 25, 2021.](https://www.forbes.com/sites/sap/2021/08/25/the-construction-industry-is-getting-greener-why-how-and-whats-changing/?sh=25940c8952bc)

24. [Environmental Systems Design, Inc. (ESD), “ESD 2021 Building Certifi-](https://d31hzlhk6di2h5.cloudfront.net/20210604/40/29/9b/a2/6fe65c47067b113735cc42b5/ESD_Building_Certifications_and_ESG-2021.pdf)
[cations and ESG,” 2021; World Economic Forum, “Explore the metrics,”](https://d31hzlhk6di2h5.cloudfront.net/20210604/40/29/9b/a2/6fe65c47067b113735cc42b5/ESD_Building_Certifications_and_ESG-2021.pdf)
accessed August 24, 2022.

25. [US Securities and Exchange Commission (SEC), “SEC proposes rules](https://www.sec.gov/news/press-release/2022-46)
[to enhance and standardize climate-related disclosures for investors,”](https://www.sec.gov/news/press-release/2022-46)
press release, March 21, 2022.

26. Ibid.


-----

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