“Don’t Take This for Granted” – ABC Economist Warns Recession Looms

By Jordanne Waldschmidt | Equipment World While most contractors expect to maintain solid backlogs and margins over the next 12 months, Associated Builders and Contractors Chief Economist Anirban Basu says they shouldn’t take current U.S. economic performance for granted. “The economy has managed to remain resilient in the face of higher borrowing costs, bank failures and war in Ukraine. It’s really quite remarkable,” Basu told attendees during the July 26 Construction Executive 2023 Mid-Year Construction Economic Update and Forecast. “Other parts of the world don’t have these types of economics. And, of course, these kinds of economic conditions support construction.” The self-proclaimed pessimist maintained that the U.S. economy would enter a mild recession within the next year. And for the construction industry, that will mean an uneven distribution of work by sector. READ FULL ARTICLE >>