The Good, the Bad, and the Celebratory
Bad News The Bureau of Labor Statistics reported today that inflation has spiked 6.2% over the last twelve months, which represents the largest increase since 1990.
- PPI for Construction Materials is up 75% year-over-year, which is an all-time high (since 1948, the previous high was 23% in Sep of 2008).
- The FOMC might not be able to wait until June of '22 to start ticking up interest rates.
Good News The House passed the infrastructure bill (~$1T) on Nov 6th and non-residential private construction and public construction sectors rebounded nicely in Q3 and are almost flat for the year.
- This trend should continue and these sectors might even eke out a gain by yearend.
- Growth in residential construction slowed in Q3 and is now up 19% for the year, after being up nearly 30% in Q2 - this trend will likely continue in Q4 and into '22.
Celebrate Resiliency VERTEX was honored to celebrate with our AEC colleagues during Zweig Group's Elevate AEC Conference in Denver earlier this month. We are humbled and inspired by the stories and achievements shared by these industry leaders, and offer our congratulations to all the award winners!
