A mild recession may be on the horizon despite expected interest rate cuts later this year.

While inflation and interest rate hikes have eased, the economy is weakening, according to construction economist Anirban Basu.

Federal Reserve needs to start cutting interest rates, but that won't happen "until some point next year,” economist Anirban Basu told an industry webinar on July 26,

Inflation, rising interest rates and a skilled labor shortage continue as negative economic factors heading into the second quarter, said Anirban Basu, chief economist at the Associated Builders and Contractors.

US Commerce Secretary Gina Raimondo says as federal financial incentives for semiconductor production become available, project workers are in short supply, but builders say credits don't fully support their development

Interest rates, labor and supply issues could push U.S. into a recession in the coming year.

Associated Builders and Contractors chief economist Anirban Basu is predicting a recession in 2023.

Multi-family work remains strong, but construction spending is down overall as the industry looks to the second half of the year and beyond. 

Nonresidential spending fell 0.8% in March, ABC analysis of U.S. Census Bureau data shows.

Ukraine invasion may have long-lasting impacts on materials and other aspects of project work, construction economist Anirban Basu told an owners' group on April 1.