No Recession in Dodge Forecast; Construction Starts to Rise

By Ryan Whisner, Equipment World A recession is not in the cards for the U.S. economy, according to the Dodge Construction Network’s mid-year forecast for 2023 and 2024. However, short of a technical recession – or two consecutive quarters of contraction – the construction industry will continue to face a skilled labor shortage. “We believe that firms will be wary of letting go too many workers for fear of not being able to rehire them once the economy more steadily recovers in the back half of this year,” said Sarah Martin, Dodge Construction Network associate director of forecasting. “It’s really that stability in the labor market that allows the economy to show some weakness, but then kind of remain resilient and steadily be on that upward trend through 2024.” READ FULL ARTICLE >>