Good news for a change…Recent reports about the construction economy have been encouraging. I follow the information provided by the Associated Builders & Contractors, and their most recent assessment states that, although the last part of the economy to start recovering, residential and nonresidential construction activity is finally increasing. Of course, some areas are recovering faster than others, but overall, things are finally looking up.
I am intimately familiar with these economic cycles, having had to move my family across the country in the 80s in search of surveying work. After the early 90s recession, I always nervously looked over my shoulder, waiting for the next downturn, but it never came. I knew that, when it did come, it would be sharper and longer-lasting than anything we’d ever seen, and sure enough, that’s exactly what’s happened. So, positive news about the building industry is indeed welcome!
I pray that Mr. Cheves is correct. I personally do not believe this to be a “normal” cyclical downturn. Our current recovery is very anemic. People seem blissfully unaware of the inflation of the money supply, the devaluation of the dollar, and the harm of runaway government regulation to business and commerce. The threat of a double-dip recession or depression, coupled with massive inflation still looms large, in my view.