SMU Community Chat with Ken Simonson of AGC

Date/Time: June 25 2025, 11:00 am

Guests: Ken Simonson

Ken Simonson, chief economist for The Associated General Contractors of America (AGC), was the featured speaker on SMU’s recent Community Chat webinar.

We had a lot to talk about because construction is at the intersection of so many of today’s hot-button issues. The main question: Will construction thrive or dive in the rest of ’25? (Nothing wrong with a rhyme, even in serious times.)

To answer that, Simonson discussed the effect of tariffs on costs for steel and other building materials. He also explored the impact of the Trump administration’s immigration crackdown on a construction workforce that relies heavily on immigrant labor. (Did you know that more than 60% of drywall installers and more than 50% of roofers were born abroad?)

Then there is the matter of interest rates. Builders might want to see the Federal Reserve lower rates before they unleash new projects. But the Fed, leery of potential tariff-related inflation, might not have much leeway to cut rates. What gives?

We analyzed it all through the lens of the latest data. Among the highlights: changes in construction spending by category, construction employment nationally and by state, and materials costs.

Why should you listen?

Because the construction sector matters to your business. And because AGC is the leading association for the US construction industry, with more than 27,000 member firms across a range of markets. Also, Simonson has been chief economist at AGC since 2001, so he has seen more than a few construction cycles.