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By: Marshall Benveniste on May 15, 2024
Media Alert: USA TODAY Features ConstructConnect Sr. Economist Michael Guckes on Interest Rate Impact
USA TODAY and USA TODAY.com featured commentary from ConstructConnect Sr. Economist Michael Guckes on May 15, 2024. USA TODAY economics and jobs reporter Paul Davidson interviewed Guckes for the Money section article High interest rates take growing toll as planned apartments, wind farms, shops are scrapped.
The USA TODAY piece covers the fallout from the Federal Reserve's multiple interest rate hikes in 2022 and 2023. Some commercial construction projects were pushed into delay or cancellation.
Hefty construction price tags pose an even bigger burden. But after climbing about 37% from 2021 to early 2023, those costs largely have stabilized and then dipped, notes Michael Guckes, senior economist of ConstructConnect. USA TODAY May 15, 2024
ConstructConnect's Project Stress Index illustrates the level of commercial construction projects abandoned before construction begins.
...cancellations accelerated in the first quarter of 2024, according to ConstructConnect... Such abandonments were up 70% for private projects compared with the same period in 2021 and 50% for public projects, the firm’s data shows. USA TODAY May 15, 2024
Read the USA TODAY article.
For more construction economy insights you can act on, visit our economic resources.
About USA TODAY
USA TODAY is a multi-platform news and information media company. Founded in 1982, USA TODAY delivers high-quality and engaging content across print, digital, social and video platforms. USA TODAY and USATODAY.com reach a combined seven million readers daily. USA TODAY mobile applications have more than 21 million downloads on mobile devices. USA TODAY is owned by Gannett Co., Inc.
About ConstructConnect
Construction Starts Here™ at ConstructConnect, where our mission is to help the construction industry start every project on a solid foundation. A leading provider of software solutions for the preconstruction industry, ConstructConnect empowers commercial construction firms to streamline their workflows and maximize productivity. ConstructConnect operates as a business unit of Roper Technologies (Nasdaq: ROP), a constituent of the Nasdaq 100, S&P 500, and Fortune 1000.
ConstructConnect Economic Group media inquiries, please contact economics@constructconnect.com
About Marshall Benveniste
Marshall Benveniste is a writer and Senior Content Marketing Manager at ConstructConnect with the Economics Group. Marshall has written on various topics for the construction industry, including strategies for building product manufacturers, artificial intelligence in construction, and data-driven decision-making. Before joining ConstructConnect in 2021, Marshall spent 15 years in marketing communications for financial services and specialty construction firms. He holds a PhD in organizational management.
