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 in part one of a two-part series looking at the geopolitical situation across the globe and how it affects the construction industry and the pressing need for labour at a level never been seen before in either the Canadian or U.S. economies.
Alex lays out the current economic situation by laying out the latest construction starts data and pointed to risks such as the ongoing situation in Ukraine and the Middle East, climate change and pointed to a significant upsurge in Canada’s population which will affect the economy in terms of new housing and access to skilled workers. He also pointed to the need for raw materials accessed through mining and the regulatory frameworks that make for slow approvals when the world is trying to move past fossil fuels.
Michael also raised the effects of climate change on shipping, as the Panama Canal experiences drought which has a cascading effect on the economy as shipping slows and goods can’t get where they need to be. Weather events across North America are also causing growing insurance claims which increases costs for commercial real estate as well as other industries. He referred to all these risks as “many small cuts” that cumulatively hurt the construction industry.
Our recent interview with CIRP executive director Vicky Waldron about pain relief without prescriptions for injured workers is available here and our podcasts from World of Concrete are also available including a preview episode, a look at robotics and construction and an episode about women in construction and the potential of 3d printing with concrete. Make sure to tune in to part two of our economics podcast with Alex and Michael next week! Other episodes are available at the Daily Commercial News and Journal of Commerce websites as well as on Apple Podcasts, Spotify and Amazon Music’s podcast section. Thanks for listening.