I think it’s safe to say that we’re well past any lingering economic impacts of COVID-19 although it has undoubtedly left an indelible imprint on the lives of many, including those still working remotely as reflected in the empty office spaces around the country.

But with Trump 2.0 now here, new uncertainties face the country and the construction industry as President Trump imposes tariffs on goods and materials, cracks down on immigration, and attempts to shrink the government’s footprint.

While President Trump and his proteges (e.g., Elon Musk) have been dominating the news headlines since the end of January, according to Dodge Construction Network’s “Outlook2025,” notably issued in November 2024 before the new administration took office, believes that “the change in administration is unlikely to have considerable impact on the construction forecast.” Rather, according Dodge (not to be confused with “DOGE“), “[p]erhaps most significant for the construction outlook is the Federal Reserve’s changing stance on interest rates,” referring to the Fed’s rate cuts in 2024 which totaled 1 percentage point, which it believes “will begin to positively impact the economy, particularly in interest-rate-sensitive industries such as construction, during 2025.”