Carolinas Construction Economy

Looking for New Life in the National and Regional Economy

Every year April brings beautiful images of new life, but this time we are also getting positive readings on the U.S. and regional economies.  With the closing of 2023, we learned that real GDP growth for the nation perked along at a 2.5% rate, well above 2022’s 1.9% and a far cry from constant calls for 2023 recessions that had plagued the financial press all year. The missing slowdown had been expected for one major reason:  The Fed had hit the brakes hard and on a continuing basis.  Interest rates jumped, money supply growth was down, and under those conditions, a recession was expected.  But along with the pain, images of a hoped for lowering of inflation to 2.0% began to be realized.  Read more.

FMI 2024 North American Engineering and Construction Overview: Second Quarter

FMI recently released their 2024 North American Engineering and Construction Overview: Second Quarter. According to the Outlook, engineering and construction spending is expected to end 2024 up 5%, but not all sectors will be the same. Manufacturing, lodging, and highway and street look poised for double-digit growth while those in the multifamily and commercial sectors face a tougher outlook. Read More

DOL’s Overtime Salary Level Threshold Increase Will Harm Small Businesses, Says ABC

Associated Builders and Contractors today issued the following statement opposing the U.S. Department of Labor’s final rule that will change overtime regulations under the Fair Labor Standards Act. The final rule increases the minimum annual salary level threshold for exemption in two phases: from the current level of $35,568 to $43,888 on July 1, 2024, and to $58,656 on Jan. 1, 2025. Read More

ABC Denounces FTC’s Blanket Ban on Noncompete Clauses

Associated Builders and Contractors issued a statement opposing the Federal Trade Commission’s final rule to ban noncompete clauses. The FTC voted 3-2 to issue the final rule. “The final rule to ban all noncompete agreements nationwide—except existing noncompetes for senior executives—is a radical departure from hundreds of years of legal precedent,” said Ben Brubeck, ABC vice president of regulatory, legal and state affairs. Read more.

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