Real estate development depends heavily on lending liquidity.

When it is easier to get a loan, more loans are given, which translates to more land being developed and more jobs for the construction industry. When conditions are favorable for lenders, construction volume tends to increase.

The first quarter of 2022 has proven incredibly active for both commercial and residential development. It is likely, although official data has not been released, that things have since begun to taper off. Confidence in the market has been shaken over the last quarter as inflation remains high while consumer spending falls.
30-year mortgage rates have seen their most dramatic increase in a generation, as the Federal Reserve seeks to cool the market. These are all signs that precede recessions, although there is still reason to be optimistic. Monetary policy has come a long way since even 2008, so it is possible that the Fed can rein in spending without causing the economy to contract.

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