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Winston cigarettes sign in1/15/2024 ![]() ![]() The company, which designs water and wastewater projects and roads and industrial parks, mostly for cities and towns, is seeing healthy demand for its services. Groneweld says his company is looking to add at least 40 workers to its 230-person staff. Mick Groneweld is CEO of one such company, Fehr Graham, an environmental engineering firm based in Rockford, Illinois. Likewise, despite sharply higher loan rates, auto sales have risen this year largely because of pent-up demand after years of reduced supply.Ĭonstruction companies are also benefiting from ongoing infrastructure spending by the Biden administration, and so are other industries. There are so few homes available that even reduced demand for housing is spurring more construction - and more jobs. This time, the opposite has happened: Construction firms added 23,000 jobs last month, automakers 4,300. In recent months, housing has shown signs of rebounding, with sales and construction of new homes picking up.Īnd higher interest rates normally would be expected to spur job losses in construction and manufacturing. But most of that increase had occurred by last fall. To take one example: Mortgage rates have nearly doubled since the Fed began raising borrowing costs 15 months ago. Industries that are particularly sensitive to higher borrowing costs - such as housing and car sales - appear to have adjusted to the Fed’s higher rates. Several factors, though, are countering those headwinds and helping perpetuate hiring, which typically boosts consumer spending and propels the economy. The economy has been beset by high interest rates, elevated inflation and nagging worries about a possible recession resulting from the Fed’s aggressive efforts to quell price increases. ![]()
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