Megaproject Boom Increases Competition for Building Materials

Multibillion-dollar government infrastructure projects and net-zero efforts are leading to materials shortages, Construction Dive reports. Inflationary pressures, coupled with labor constraint, have led to critical shortages and elevated costs for projects outside the megaproject boom, according to a report by Cushman & Wakefield, a Chicago-based commercial real estate service firm. Contractors in the life sciences sector report lead times increasing from four weeks to nearly two years for some commonly used materials. The report suggests that contractors should expect to continue to experience delays in obtaining AV and security systems, HVAC equipment, electrical light fixtures, fabricated millwork and elevators.