Says PCA Economist Ed Sullivan
By Michael Roth | RER (Rental Equipment Register)
Sullivan predicted that the U.S. economy will gradually weaken during the first half of 2024, but will most likely recover slowly during the second half.
Ed Sullivan, Portland Cement Association’s chief economist and senior vice president of market intelligence, predicted that the U.S. economy will gradually weaken during the first half of 2024, but will most likely recover slowly during the second half. Sullivan made that prediction along with others at a press conference at World of Concrete 2024 in Las Vegas. PCA represents cement manufacturers in the United States.
Sullivan explained some of the determining factors for this year’s forecast include the end of the COVID-19 relief programs, the lagged impacts of monetary policy and credit tightening, all are contributing to the slowing. However, Sullivan said a recession is very unlikely in 2024.
“In terms of the construction outlook, there will be a battle between interest-sensitive construction sectors and less interest-sensitive construction activity such as infrastructure spending and the construction of large manufacturing plants associated with the CHIPS Act,” Sullivan said, adding that the CHIPS Act has led to the revitalization of the construction industry.