Construction Challenges In 2025

The construction industry is facing challenging times. Not long ago, the oft-repeated phrase in the industry was to "wait until 2025." The general expectation in the industry then was that rapidly declining interest rates would reinvigorate the industry. The mood has since deeply soured and many in the industry are now saying "just get through 2025." Despite rapidly declining interest rates, the U.S. tariffs have introduced so much uncertainty into the market that fewer projects are proceeding. Some have been cancelled altogether. Many now say that this is the most challenging market they have seen since 2008. Some say it is the worst in their lifetimes. What can be done? There is much that is unfortunately out of our hands. However, there are some things that industry participants can do to protect themselves in these challenging times.