Construction activity isn’t showing any signs of slowing down across North America this year, Caterpillar Inc.’s top executive said on the sidelines of the industry’s largest conference.

Even as some worry building demand could start to slow, especially if the US dips into a recession or if the collapse of Silicon Valley Bank infects other sectors, Caterpillar’s customers are still seeing new projects coming in, Chief Executive Officer Jim Umpleby said. And their outlook is pretty unanimous: That strength will last through at least the end of 2023.