Economic Forecast Preview, 2025 and Beyond, with Eric Lynch
Bloomfield Hills, MI (February 10, 2025) – Season 4, Episode 1 of the Building Michigan podcast, hosted by Kevin Koehler, president of the Construction Association of Michigan, features Eric Lynch, a Certified Business Economist (CBE) from the National Association of Home Builders (NAHB). Lynch is the presenter at the February 12th CAM/HBA Economic Forecast Breakfast, which takes place as part of the Great Lakes Design and Construction EXPO.
Lynch kicks off the podcast conversation by characterizing 2024 as a year of moderation, noting a slowdown in GDP growth, employment, and inflation compared to previous years. While these indicators remain positive, the pace of growth has cooled. Looking ahead to 2025, Lynch anticipates slower growth, modest employment gains, and persistent inflation, urging a cautious "wait and see" approach amid ongoing uncertainty, including geopolitical factors.
Key headwinds discussed include labor shortages, particularly in skilled trades, and material costs. Koehler and Lynch delve into the challenges posed by an aging workforce, limited supply of new talent, and potential impacts of tariffs on lumber and steel prices.
This episode is packed with data and analysis, offering valuable perspectives for anyone involved in the construction industry. For a deeper dive into the economic forecast, the residential and commercial construction outlook, and the challenges facing the industry, be sure to listen to the full Building Michigan podcast episode. Gain expert insights to help you navigate the year ahead.
Click here to listen to the podcast.
Podcast Information
Listen to this hot topic conversation and all of CAM’s “Building Michigan” podcast episodes at buildwithcam.com/podcast or on your favorite podcast platform.
Contact cam@buildwithcam.com for podcast sponsorship opportunities or with suggestions for future podcast topics. Each episode of the “Building Michigan” podcast, produced for Michigan’s construction industry by the Construction Association of Michigan, and sponsored by CAMComp, features current news and information regarding the latest construction techniques, methods, and equipment, as well as economic updates and interviews with key people in Michigan's commercial construction industry.
Listen to Building Michigan
The Building Michigan Podcast features current news and information regarding the latest construction techniques, methods, and equipment, as well as economic updates and interviews with key people in Michigan’s commercial construction industry.
