2024 Recession? Not so fast!

Ally WetheraldEducation

Interesting insights for 2023 and 2024 were presented by Anirban Basu, chief economist for ABC, in the recent “2024 Economic Update and Forecast” webinar.  

Newsworthy items included construction growth in a majority of sectors, as well as improvement with supply-chain issues.    

Despite a declining backlog, residential building enjoyed a 11.4% increase since February 2020. Manufacturing sectors also reported a strong increase of 164.2%. And office space production grew by 3.8%. 

While construction wages have increased by 4.9%, it remains a challenge to finance jobs as well as find workers to fill those jobs. Basu suggests a recession is imminent in 2024 but believes it will be small and short. But he countered by saying, “the economy has been much stronger along more dimensions than I expected.”