
By Tom Albrecht Jr.
As we enter 2023, we cannot forget to look back at 2022. Hilltop Construction was able to have one its best years in its 46-year existence despite facing challenges. These challenges presented in leadership changes, inflation, material price increases, and labor costs.
The main issue in construction last year was the inflation of material costs to the housing markets. According to many sources inflation in the construction industry increased by over 14 percent for 2022.
The projects were still coming in fast and furious even though inflation was sky rocketing. We noticed that we had to turn down many projects in 2022 due to costs, driving projects over budget. I would say it was the first time in many years that we were faced with these decisions.
The past several years the area seemed to be focused on labor shortage, Hilltop has done a great job at retaining over 30 employees.
My concern moving into 2023 is that labor costs will continue to go up due to lack of new workers entering the construction field. Moving forward we need to encourage more students into entering construction industry. According to the National Association of Home Builders, construction sector jobs in the U.S. increased by 248,000, a 3.3 percent increase since November 2021. We don’t have 3.3 percent of kids graduating high school or college that are going into the construction sector. This is scary going into 2023 as the labor shortage is going to continue to get worse.
In 2023, we will see material prices start to correct themselves by the second or third quarter. I believe the first six months of 2023 we will see a slowdown in construction projects. As the fourth quarter of 2022 just ended, we have already seen a shift in the number of projects we are getting calls on.







The Lake George Association appointed Danielle Brown of Queensbury to the newly created position of development manager.