Edward Sullivan, Portland Cement Association Chief Economist and Senior Vice President of Market Intelligence, predicted a strong outlook for the nation’s economy and concrete paver industry at the 2018 Annual Meeting General Session Luncheon, including:
• Sustained job creation & low unemployment rates forecasted
• Wage gains accelerate assisted by tax cuts
• Household debt burdens low, easier access to credit
• Interest & inflation rates rise, but slowly and well below historical norms
• New tax law: may add strength to business investment and consumer purchasing
• Strong private sector generates more income & tax revenue = increased public-sector spending
• New tax law: potential generation of additional $3 to $4 billion construction
• Interest rates to rise slowly to check inflation – can impact construction
• Next recession likely during or after 2020 – Possible causes: high inflation/interest rates, federal debt
• Paver growth to continue, especially in residential renovation markets
ICPI members are able to view Mr. Sullivan's full presentation by clicking here.
Above: Edward Sullivan, Portland Cement Association Chief Economist and Senior Vice President of Market Intelligence at the 2018 ICPI Annual Meeting General Session Luncheon.