Evidently, 2023 is shaping up to be an excellent year for construction as technological progress and high demand for services indicates that the industry will continue to grow and progress.

As consumer spending moderates due to pressure from inflation and higher borrowing rates, it is believed the path to recovery for the Indian economy will take longer than first thought. Investment in public infrastructure is likely to be a major growth driver, especially if the private sector is slower to respond — although this sector is expected to maintain its current pattern of targeted spending on specific projects.

The demand for commercial office space will continue to grow as businesses expand. Additionally, new technologies and changes to the way in which people work has led to higher demand for flexible and shared office space. Companies are increasingly recognising the importance of creating healthier and sustainable working environments that prioritise the physical and mental wellbeing of employees.

Smart technology, biophilic design, natural light and outdoor spaces, dynamic furnishings and green certification are also predicted to be essential trends that will revolutionise office design and operation. With the continued growth of the economy, more businesses are willing to invest in higher-quality office spaces and amenities to attract and retain talent.

Other key factors, such as India's emergence as a global IT and services superpower and the growth of the e-commerce industry, have resulted in a significant increase in demand for spaces including data centres, logistics and warehouses. The rise in demand for commercial spaces in tier 2 and tier 3 cities throughout 2023 will be a significant initiator of employment.

The hospitality industry presents an opportunity for growth as improved occupancy rates and RevPAR (revenue per available room) demonstrate new trends towards staycations and workcations. This fundamental change in behavioural demand, is fuelling a transition away from traditional practices.

As focus continues on rebuilding infrastructure, sustainable buildings and smart cities, those construction firms embracing changes on the industry landscape will encounter attractive opportunities as India resurges in 2023.