Bill Tepe has tips for how to handle an impending financial slowdown.
According to a number of expert sources, including the Association of Equipment Manufacturers, the close-to-record-setting economic growth that the country has been experiencing for the last 100-plus months – which is the second-longest period of economic expansion in the nation’s history –appears to be poised for a slowdown and plateau.
AEM wrote back in May that they don’t feel there’s reason to believe the ag and construction sectors will experience a downturn in the coming months, but they do agree with The American Institute of Architects Chief Economist Kermit Baker, Hon. AIA, PhD, who said that even though the economy has been performing very well recently, “trends in business confidence scores are red flags that suggest a slowdown is likely for 2020.
These signals may be temporary responses to negative short-term conditions, but historically they have preceded a more widespread downturn.”
Last October, in an article similar to this one, we discussed what it meant from a safety standpoint to be in the midst of a busier construction season while having more people working on a job site.
Our advice was simple: spend more time thinking about safety and risk management, and make intentional decisions to invest in training.
The reality of the American economy is that it’s going to fluctuate. We’ll have upticks and downturns and plateaus, which means construction work will be busier or slower or stay the same.
But regardless of what the economic forecast is, and regardless of what the economic realityis, the message that you’ll hear from us here at NBIS won’t change: strive to be safer; adequately train your employees; be aware of the language in the contracts you’re signing.