CE Economic Forecast: ‘There Are More Battles Ahead’
Despite signs of growth in parts of the construction market, the U.S. economy is headed for a recession sometime in the next year, according to Anirban Basu, chief economist for Associated Builders and Contractors, who presented “Construction Executive’s 2023 Q1 Economic Update and Forecast” webinar on April 5.
In summarizing the industry’s first-quarter performance in 2023 and looking ahead to the second quarter, Basu identified positive indicators such as rising numbers of permits for multifamily construction, a healthy ABC Construction Backlog Indicator and steady activity in the manufacturing, commercial and infrastructure sectors. Warning signs include falling single-family building permits, continuing inflation, the persistent skilled-labor shortage and hesitant spending in the office, lodging and recreation sectors.
“The war on inflation is being fought,” Basu said during the CE webinar. “It has not yet been won, and there are more battles ahead.”
Watch the full webinar at webinars.constructionexec.com/webinars.
Rebuilding Ukraine
More than 3,000 government officials, investors, donors and construction professionals from more than 50 countries gathered in Warsaw, Poland, on Feb. 15–16 for the ReBuild Ukraine international conference and exhibition.
The goal of ReBuild Ukraine, according to the event’s website, was to serve as “the most cost-effective and time-efficient platform for recovery projects, materials, technologies, equipment and investment required to rebuild Ukraine’s war-torn economy, with an emphasis on infrastructure, industry and housing.”
The program included opportunities for nearly two dozen Ukrainian cities and towns to present their rebuilding needs to the global construction community as well as an exhibit hall with more than 300 construction companies from 22 countries, including the United States. A second ReBuild Ukraine event is scheduled for Warsaw in November.
