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      "text": "Two-thirds of this year's respondents (66 percent) say they are optimistic about the direction of the construction market.",
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      "text": "Exhibit 1: Which of the following statements best describes the direction of the construction market?",
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      "text": "With a significant post-COVID-19 pipeline, government infrastructure funding in the U.S. and beyond, and ESG demands driving renewable energy and circular economy projects, it’s perhaps little surprise that many of the respondents to the 2023 Global Construction Survey are in a positive frame of mind.",
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      "text": "Two-thirds of this year’s respondents (66 percent) say they are optimistic about the direction of the construction market and 38 percent of project owners are “very optimistic” (see Exhibit 1) compared to just 18 percent in 2021.",
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      "text": "Four out of 10 E&C respondents expect revenue growth in the next 12 months to be greater than 10 percent, with just 18 percent predicting zero or negative growth (see Exhibit 2). E&C firms remain more cautious than project owners, but only a small proportion (7 percent) express pessimism about the future state of the market—the corresponding figure for 2021 was 29 percent (see Exhibit 1). With contractors in the middle of supply chain disruptions and with limited visibility into owners’ robust capital plans, such differences are to be expected.",
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