VERTEX’s CEO Bill McConnell covers the state of the U.S. economy in 2022, along with the U.S. construction industry and U.S. contract surety industry.
2022 has been a highly volatile year for the U.S. economy as the population braces for the looming recession. The perfect storm of recessionary indicators is in place. The yield curve inverted. The equities market dropped by over 20 percent into bear territory. The FOMC initiated its QT program and scheduled a series of rate hikes. 30-year mortgage rates are at a 11+ year high. Inflation is at a near 40+ year high. GDP in Q1 was negative. Labor force participation is at a near 45+ year low. Gas prices at the pump are at an all-time high and oil inventories are at an 8-year low. Supply chain issues due to COVID-2019 continue to persist. Geopolitical issues are on the rise due to Russia’s attack of Ukraine. All the while, the unemployment rate remains at a near 50+ year low and the construction industry is coming off two of its greatest growth years.
What does all this mean to the construction industry for the second half of 2022 and 2023? Mr. McConnell answers this question and more during his annual State of the Construction Industry report.
Register to watch the 2022 State of the Industry Webinar
(Recording from July 19th, 2022)
As a successful strategist and expert in construction and business, Bill routinely speaks at industry events and for company leadership teams. If you are interested in scheduling a live webinar presentation, please contact us.