On this episode of the Construction Record Podcast, digital media editor Warren Frey speaks with ConstructConnect chief economist Alex Carrick and senior economist Michael Guckes about where the economy is going and how it will affect the construction industry as we move further into 2023.
Carrick pointed out that conventional wisdom is predicting a recession but as of yet it has not happened though interest rates remain high and prices are rising. Guckes pointed out that over the past year there’s been a rapid slowing of materials pricing in the construction space, while wages for construction workers continue to increase. Risk is changing, he said, and companies will need to shift focus from materials to labour.
Guckes also said there’s increased strength in single-family residential construction and Carrick pointed to accelerated immigration to Canada as a data point to watch for both now and in the near future.
you can listen to The Construction Record on the Daily Commercial News and Journal of Commerce websites as well as on Apple Podcasts, Spotify and Amazon Music’s podcast section. Our previous episode featuring Nicole Dodd speaking about the legacy of engineer Oliver Bowen is available here. Thanks for listening.