Builders Cautiously Optimistic About Long-Term Industry Outlook

At least two of San Diego’s biggest construction companies see good times ahead for the region’s building industry. Although interest rates have caused some projects to be put on hold, Mike Berryhill, Vice President and San Diego Division Manager of Swinerton, said there are workarounds.

“Some developers have enough internal equity or maybe have owned the land for many years, and they still have excellent opportunities for successful projects,” Berryhill said. “We feel that these market conditions will change by the end of 2024 and into 2025, and we will see much more momentum in the industry.”

Immediately following the COVID-19 pandemic, construction companies reported having trouble getting equipment because of supply chain issues and the cost of labor and materials, which were rising rapidly.
That has eased, although company executives said there are still supply issues for electrical equipment.