Strong job openings, wage growth and robust investment into equipment, IT and overall plant construction indicate the U.S. economy should avoid a recession this year, said Ken Simonson, chief economist for Associated General Contractors of America, during an AGC webinar on the construction outlook.
Manufacturing and infrastructure projects, boosted by the Infrastructure Investment and Jobs Act and the CHIPS Act, remain the bright spot in terms of construction activity, said Simonson.
“I remain optimistic that we’re not going to have one,” said Simonson, referring to a recession. “There’s just a lot of spending power on the consumer side and business side. State and local governments at all levels also have a lot of money to spend. Tax revenues have held up in a way that you don’t see during a recessionary period.”
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