Economic Outlook

Laura M. Porinchak / November 2022

I must start by sending heartfelt congratulations to Carol Schary of Nathan Kimmel Company for winning AWCI’s Distinguished Service Award, which was presented to her last month during AWCI’s Industry Leaders Conference in New York City. Carol has been a friend of AWCI and the Foundation of the Wall and Ceiling Industry for decades, and I am proud to know and work with her. All you have to do is turn the page and read more about it, and count on AWCI President Vap to fill you in on more conference details next month.
    
In the meantime, for this issue we once again dusted off the crystal ball to examine the economy. It is a lot to cover, so we have two articles that address the subject, but from different perspectives. We start on page 26 with an article that interviews AWCI member contractors who talk about their local economic conditions and what they are doing to prepare for what is coming next. As the article says, there are variations geographically, by market sector and from company to company, but there is a definite overall picture in the end.
    
Then, on page 40, we get advice and predictions from economists who answer questions like these: Will the economic environment improve or deteriorate over the coming 12 months? Will wages spike? How about inflation? Will businesses experience any relief from supply chain disruptions? This article has all the answers.
    
This subject of the article on page 32—patents—is a little unusual for us, but I don’t think it’s inappropriate, especially in light of the fact that nominations for AWCI’s Excellence in Construction Innovation Awards recently closed. It doesn’t matter if your company is large or small, or if you are a manufacturer or contractor, if you have an unique idea, protect yourself. Understanding patent trends can drastically protect your existing intellectual property and increase valuation as businesses develop new products and services. However, the author of the article cautions that there are a few specific “business killing” myths and mistakes to be aware—and wary—of. This article presents the top six.
    
And since I mentioned AWCI’s awards, here is your first heads-up that nominations for AWCI’s Excellence in Construction Safety Award will open next month for all AWCI member contractors. Keep your eye on AWCI's website for details.