Economists expect education projects to jump to $72.7 billion in 2023, a 5% gain from 2022 levels of activity, according to Dodge Construction Network.
In New Jersey, as well as other Northeastern states like New York and Massachusetts, the education building stock dates from the 1920s through the 1940s. That will translate to increased renovation and replacement activity in the K-12 building sector this year, despite the weakening population growth of the region, according to Dodge.
Nevertheless, overall construction activity, outside of the top sectors, is beginning to show strain as higher interest rates weigh on the economy.
