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Construction Economics Brief - August 2023 Blog Feature

By: Michael Guckes, Chief Economist on August 10, 2023

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Construction Economics Brief - August 2023

The Construction Economics Brief, produced by ConstructConnect’s economics team, is a monthly video series whose aim is to provide the latest and most pertinent economic information to construction industry leaders in a concise video format.

Highlights from August 2023 release include:

  • Inflation is coming down, this should give the Federal Reserve some breathing room to hold rates steady. This could help keep private sector interest rates from moving significantly higher.
  • ConstructConnect's Project Stress Index remained uncomfortably high, with abandoned projects still a concern.
  • Our latest construction starts forecast release is coming soon, which continues to show industry growth through 2025.

About Michael Guckes, Chief Economist

Michael Guckes is regularly featured as an economics thought leader in national media, including USA Today, Construction Dive, and Marketplace from APM. He started in construction economics as a leading economist for the Ohio Department of Transportation. He then transitioned to manufacturing economics, where he served five years as the chief economist for Gardner Business Media. He covered all forms of manufacturing, from traditional metalworking to advanced composites fabrication. In 2022, Michael joined ConstructConnect's economics team, shifting his focus to the commercial construction market. He received his bachelor’s degree in economics and political science from Kenyon College and his MBA from the Ohio State University.