Business View Magazine | August 2022

54 BUSINESS VIEW MAGAZINE VOLUME 9, ISSUE 8 on schedule and on budget,” says Caldwell. “At the same time, prices have skyrocketed, presenting a difficult business climate that is forcing most members to raise prices, which in turn is putting houses further out of reach of potential homeowners.” Skilled labor shortages are also exacerbating the situation, with Caldwell noting that the influx of new labor into the market cannot meet the growing demand. As a remedy, the UVHBA is working closely with the construction departments in the colleges it supports to determine ways to attract more talent to the industry, including offering scholarships in the field and sponsoring construction management competitions. “This year, we created a high school committee to spearhead our high school initiatives that seek to attract individuals to the industry at an earlier age,” affirms Caldwell. Looking ahead, Caldwell admits that when it comes to the building and construction industry, it is hard to predict what will happen even in the shorter term of three to five years. “Dramatic changes occur in time frames as short as six months in this industry,” he says. “Currently the market is tightening up due to interest rates, supply issues and product prices, which will make operating in the industry and home accessibility tough over the short term. Although we are somewhat cushioned here in Utah because it is currently one of the best performing states in building and construction, we will need to adapt over the coming years to avert a contraction in the industry.” What might rescue the construction industry in Utah and the country is the cyclical nature of the industry, which often signals an upturn is around the corner when a downturn is at its worst. “We’ve been through these ups and downs before,” says Caldwell. “What goes around comes around, and the industry will get back to being great again.”