As we exit the third quarter of 2022, recession buzz is abundant and all eyes are on the Federal Reserve as they unleash the most aggressive monetary tightening policy in decades to fight inflation.
It was recently announced that United States GDP decreased for the second consecutive quarter. To some, this data defines a recession. However, labor markets continue to add jobs, unemployment remains at historic lows, and personal consumption is robust.
At Swinerton, we remain optimistic. Recessions are normal and the depth and duration of such economic events are hard to predict. Construction backlog is strong, supply chain constraints are easing, material lead times are improving, and commodity prices are trending downward. Our firm continues to focus on mitigating the unique market challenges through a commitment to thoughtful preconstruction management.
