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.
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