A top economist for the concrete and construction industries, Ed Sullivan released the Portland Cement Association’s 2024 financial forecast, predicting a temporary downturn in the first half of this year, followed by recovery in the second half and, importantly, no sign of a recession. Here are some highlights from the press conference held at World of Concrete in Las Vegas on Jan. 23.
Ed Sullivan, chief economist with Portland Cement Association, said he sees no recession for the US economy this year. (Photo: KHL)
The US economy will gradually weaken during the first half of 2024, but will likely recover slowly in the second half.
That’s according to Ed Sullivan, chief economist and senior vice president of market intelligence for the Portland Cement Association (PCA), who presented the association’s annual forecast at World of Concrete in Las Vegas on Jan. 23.
Sullivan explained some of the determining factors for this year’s forecast include the end of the Covid-19 relief programs, lingering impacts of monetary policy and credit tightening.
It was noted that over the past year, the Federal Reserve has responded to rising inflation with the largest rate increases in more than 40 years. Inflation peaked in 2022 and appears to be improving currently.
Since the Fed starting raising rates, more than 7 million net new jobs have been created, according to the US Cement Outlook, released in October 2023.
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