Economy
Wednesday's SMU Community Chat to Focus on Construction Market
Written by Tim Triplett
April 28, 2020
Steps to contain the spread of COVID-19 have dealt a serious blow to construction, which is the largest market for steel. Construction will be the focus of this week’s SMU Community Chat.
Two out of three construction executives responding to an April 20-23 survey by the Associated General Contractors of America reported that they are experiencing project delays and disruptions due to owner-ordered cancellations and shortages of construction materials, personal protective equipment and skilled workers.
Ken Simonson, chief economist for the AGC, predicts little or no new private construction starts for the rest of the year. Infrastructure and other government projects will depend on uncertain funding. Construction may take longer to rebound than other sectors, he says, as there will likely be less demand for retail, offices, higher education and cultural facilities as owners and consumers wait for more economic certainty before they resume spending.
There are many questions regarding how COVID-19 is going to impact the residential, commercial and other forms of construction both in the near term, as well as 12-24 months out into the future. Join us at 11 a.m. ET on Wednesday, April 29, as we ask the tough questions and get answers from the chief economist for the AGC. The 45-minute webinar is free and open to all. To register, click here.
Tim Triplett
Read more from Tim TriplettLatest in Economy
Manufacturing in New York state contracts again
However, companies are growing more optimistic about the future.
ArcelorMittal plans wire-drawing closure in Hamilton, shifts production to Montreal
ArcelorMittal’s (AM) Hamilton location to be shuttered, wire production shifting to Montreal.
Beige Book finds growing economic, policy uncertainty
All districts reported "hesitancy and a cautious approach to business and household decisions,” according to the Beige Book.
ISM: Manufacturing continues to contract in May
May marks the third consecutive month US manufacturing activity declined, according to supply executives contributing to the Institute for Supply Management (ISM)’s latest report.
Chicago PMI decreases 4.1 points in May
The Chicago Business Barometer reports that decreases in new orders, order backlogs, and softer production pulled the index down by 4.1-points to 40.5, in May.