It was yet another interesting time in 2022. Here’s a look at a few of the highlights.
Higher costs for everything from materials to employees to fuel created challenges for contractors throughout the year. Construction input prices were up 16.3% in September, according to the Associated Builders and Contractors.
The reasons for higher inflation were many, from the lingering pandemic to the war in Ukraine to government policy. As a result, higher prices are expected to remain for some time to come.
Consolidation was a major topic again this year. Among the fast-growing companies adding to their portfolios were ATI Restoration, Kustom U.S., BluSky Restoration, FLEET Response Group, and BMS CAT.
FirstService Corp. started the year with a major acquisition, adding five firms to its restoration platform. Then in October, FirstService made three more acquisitions, including one of its larger existing Paul Davis Restoration franchises.
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