This Week on the Construction Record Podcast, digital media editor Warren Frey speaks with ConstructConnect chief economist Alex Carrick and senior economist Michael Guckes about the possibility of a recession in both Canada and the United States.
Carrick and Guckes looked at how this recession differs from its historical precedents in that the labour market is much tighter than previous economic contractions. The causes of this recession are also unprecedented, as the global economy voluntarily and rapidly scaled back during the onset of the global COVID-19 pandemic in March 2020.
Fuel and food prices, both of which are significantly affected by the current war in Ukraine are also key factors affecting the global economy. Carrick also pointed to conditions being much more friendly to labour than in previous decades as globalization scales back and factories and other businesses are being built in North America.
You can listen to The Construction Record and TCR Express on the Daily Commercial News and Journal of Commerce websites as well as on Apple Podcasts, Spotify and Amazon Music’s podcast, and you can listen to the previous podcast featuring construction thought leader Barry LePatner about supply chains here. Thanks for listening and we’ll see you next week.