> Roundtable- Nov. 23 – A post election- Q4 review of what we’ve learned so far and what we think lays ahead.

What we discussed today.

1.There will likely be a greater push to increase immigration, particularly to address the labor shortage in construction and skilled trades

2.Labor costs may increase, particularly on federal or Davis-Bacon jobs, with the reversal of several Executive Orders and the reinstitution of Project Labor Agreements

3.The “Protecting the Right to Organize” (PRO) Bill passed earlier this year by the House may have a new life, depending on the Georgia election results. That bill ends the prohibition on secondary boycotts and allows rapid unionization

4.There will be increased spending on infrastructure projects and K-12 projects with federal appropriations and local bond issues.

5.Affordable Housing projects will see increased coordination of state and federal agencies and funding; HUD has largely be hands-off and encouraging developers to find other funding sources.

6.Lumber and other commodities continue to increase in price with no ceiling in sight. The reduction/removal of tariffs may provide some relief, but not until Q2 2021.

7.Without further stimulus, the default rates on CBMS loans will increase as forbearance periods expire and the retail and hospitality sectors have slower improvement. Treasury has indicated that the emergency loan program will expire 12/31 and not be extended.

8.Janet Yellen anticipated to be nominated for Treasury Secretary will likely indicate a    greater stimulus and government involvement in the markets.

9.Management of Pandemic and distribution of vaccines will have a direct impact on labor and materials availability and work conditions.