William J. McConnell PE, JD, MSCE, CDT, Chief Executive Officer of VERTEX, Presents his Annual Assessment of the Construction Industry
S P O I L E R A L E R T
The US economy has expanded, albeit slowly, for the past 8+ years. The construction industry, which over-corrected during the Great Recession, has rebounded with vengeance on the heels of record private construction spending. On the other hand, public construction spending was considerably less in 2017 than it was in 2006. Moving forward, all indicators suggest that private construction will slow while public construction spending will soon pick up steam. Also, all good things come to an end, and the current economic expansion will be no different – it is likely the US will enter into a mild recessionary cycle in late 2019 or 2020.