2022 Construction Economic Forecast

Chris Martin January 24, 2022 298

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Dr. Anirban Basu shares his 2022 forecast for the Pennsylvania construction industry.  According to Dr. Basu, various segments of the industry should expect strong growth in data centers, fulfillment centers, and public works projects, based on multiple infrastructure investments from the Federal government. He also shares which segments may have negative impacts. Office and commercial construction, hotels, and retail will see challenges as we move forward in 2022.

In addition to Dr. Basu’s input, Jon shares results from the annual KCA industry survey.

Within the episode, Dr. Basu discusses the various categories impacted by the workforce shortage and will continue to affect construction growth in certain industry sectors including senior living. He also shares statistics that highlight the combined workforce shortage and supply chain impacts that will slow certain areas of construction spending in 2022. The good news is that Dr. Basu anticipates price normalcy will return in 2022 and will help strengthen the industry as a whole.

The retirement gap and current Pennsylvania business climate are also discussed. Dr. Basu points out the impact of not having shop classes within our education system and how it has affected the industry. Additionally, he shares how the business climate in the state has impacted construction. You can read more about Dr. Basu’s thoughts and industry perspectives in the January issue of The Keystone Contractor Magazine.

Dr. Basu also shares his insight on the economy as a whole, the impact we will face in the future, and what we can expect in the coming years.

More about Dr. Anirban Basu

Anirban Basu is Chairman & CEO of Sage Policy Group, Inc., an economic and policy consulting firm headquartered in Baltimore, Maryland with an office in Indonesia.  The firm provides strategic analytical services to energy suppliers, law firms, medical systems, government agencies, and real estate developers among others. 

In 2014, Maryland Governor Larry Hogan appointed him Chair of the Maryland Economic Development Commission (2014-2021).  He also serves as chairman of the Baltimore County Economic Advisory Committee.  He is also the Chief Economist to Associated Builders and Contractors and Chief Economic Advisor to the Construction Financial Management Association.  He serves or has served similar functions for Visit Baltimore, Maryland Realtors, and Marcum, LLP.  

He has lectured at Johns Hopkins University, most recently in Global Strategy, and has also taught international economics, urban economics, micro- and macroeconomics at Hopkins. His radio show can be heard on weekdays on 88.1FM, WYPR, Baltimore.   

In both 2007 and 2016, the Daily Record newspaper selected Mr. Basu as one of Maryland’s 50 most influential people. The Baltimore Business Journal named him one of the region’s 20 most powerful business leaders in 2010.

Mr. Basu has been on many boards over time, including First Mariner Bank, the Baltimore City Public School System, Port Discovery, the Baltimore School for the Arts, and Union Memorial Hospital.  He is currently on the boards of the University of Maryland School of Law, St. Mary’s College, the University System of Maryland Foundation, the Center for Emerging Media, the Lyric Opera House and the Archdiocese of Baltimore School System.

Mr. Basu earned his B.S. in Foreign Service at Georgetown University in 1990.  He earned his Master’s in Public Policy from Harvard University’s John F. Kennedy School of Government, and his Master’s in Economics from the University of Maryland, College Park.  His Juris Doctor was earned at the University of Maryland School of Law.  His doctoral work was completed at UMBC with a concentration in health economics.

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