There was a time when construction seemed insulated from the economic malaise hitting other industries, especially during the COVID-19 pandemic. When officials deemed building as an “essential” sector and exempted it from lockdowns early in the crisis, crews could keep working, largely uninterrupted.
But now, even as inflation has eased and supply chain struggles have been largely smoothed out, it’s become clear that construction isn’t immune to the ultimate business equalizer: higher interest rates over a sustained period.
