Source: www.blog.itreconomics.com
ITR Economics Senior Forecaster and Presenter Connor Lokar provides insight into the rise of AI technology and its potential impact on the economy.
Q: How significant of a role will AI have on the economy?
Connor: The hope is that AI will be positive from a productivity standpoint at the macroeconomic level by offsetting some of the population- and demographic-based challenges that many economies, including our own, will be facing. At this stage, it is way too difficult to diagnose what AI’s effects will be at the macro level.
However, we are seeing much more of an impact at the individual market level. For example, data center construction is extremely positive right now. From there we can look at electrical equipment, manufacturing, or mechanical contracting to build the data centers required.
But again, it is way too difficult to diagnose at the macro level. It will likely take much more time to see it, if at all, at the US Industrial Production level.
Q: Are there any jobs or skills that could see increased demand because of AI?
Connor: I think one of the most in-demand jobs now will be adding talent to an AI implementation team, including onboarding someone who can demonstrate how to properly use and implement AI to drive business forward.