The Construction Market Forecasting Service (CMFS) 2023 second quarter edition predicted that starts would rise 2% in 2023. That level of growth is minuscule compared with 2022, when total construction starts rose 15% from the previous year.
One risk the CFMS edition put aside was the issue of raising the debt ceiling. The Dodge Construction Network Economics Group considered the impact of two debt ceiling breach scenarios conceived by Moody’s Analytics. The short breach scenario would result in starts falling by 3% in 2023 and slightly increasing in 2024.
