On Thursday, June 18th, the Rocky Mountain Chapter of Associated Builders & Contractors had their Annual Economic Forecast. Titled “Return of the Economist”, ABC's Chief Enonomist reviewed the last 5 months of the economy while focusing on the effects of the pandemic on both a state and national level.
Focusing on before and after the Covid-19 shutdowns, Basu noted that though construction has been hit hard by the shutdowns “As it turns out [is] holding up better then a lot of other segments of the economy”. During his broadcast, Basu reviewed unemployment, growth in wages, US retail sales, consumers, interest rates, and property values among other items that effect the economy but especially during these changing times. While sharing June is going to be a hard month, he sees July and August 2020 as good signs for the US economy to start to rise as people start getting back to work and the country finds a new normal with Covid-19 and predicts another stimulus package from Congress in the upcoming months along with consumers taking advantage of low interest rates and getting out again. “We’re human beings and need human activities”. As far as looking ahead Basu said while these are treacherous times, he does see a “Bounce Back of an Awkward V” for the economy in the upcoming years as we look at a future prepared for what we have faced over the past 5 months.
Although the Economic Forecast is an annual event, this was the first year ABCRMC held the event virtually. Thank you to the generosity and commitment of sponsors, ABCRMC has uploaded the presentation online at abcrmc.org/general-events.
Associated Builders and Contractors (ABC) is a national construction industry trade association established in 1950 that represents more than 21,000 members. Founded on the merit shop philosophy, ABC and its 69 chapters help members develop people, win work and deliver that work safely, ethically and profitably for the betterment of the communities in which ABC and its members work. Visit abcrmc.org to learn more about ABC Rocky Mountain Chapter