Prairie, a leading advisor on growth and ownership transition strategies, recently surveyed employee-owned construction companies in order to gain insight on trends in the construction industry, particularly those affecting firms that have an Employee Stock Ownership Plan (“ESOP”).
Respondents to the survey, which was conducted from November 1–18, 2022, reported that backlog is significantly larger now than it was in November 2021. At the same time, though, supply chain issues, labor shortages and rising labor and materials costs still overwhelmingly affect the construction industry. While many employee-owned construction firms have been able to offset cost increases by charging higher fees, almost half of the survey’s respondents said that profitability was negatively affected in 2022.
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