There is no question that the world is in the middle of a major economic upheaval. Market conditions, insecure investments, availability of credit, employment instability and general uneasiness in consumer and commercial confidence have radically changed the economic landscape.
Until recently, the construction industry has enjoyed an extended period of high demand and prosperity, and now many industry principals find themselves unprepared for this economic uncertainty and construction recession.
Many in the industry were optimistic that the "Federal Stimulus Package" proposed by then President-Elect Obama, would be the answer to many of the problems facing the A/E/C community. The promise of federal dollars for "shovel-ready" projects was expected to be a boon to the construction economy around the country, in Southern New England and in the state of Connecticut.
Several months later, however, that promise has seemed to evaporate as there appears to be precious little money in the "package" for construction projects around the region, and no clear plans or method of distribution for the funds that actually are available.
Economic pundits argue over how long the current market conditions will continue and how soon before there will be significant improvements in the economy, as well as what the economic landscape will look like when the dust clears. There is no doubt, however, that ...times have changed, things are what they are, and now is the time to deal with it.
The Construction Institute is confident that the current economic climate presents new opportunities for design and construction industry firms to embrace change and develop innovative business strategies. Progressive firms with a solid understanding of how the markets are changing and what to expect, will be empowered to come out of this period of transition in a stronger position for the inevitable economic upturn ahead. Those who do so will emerge as the new industry leaders.
In order to provide its members with the information necessary to take advantage of the opportunities ahead, the Institute will devote its three remaining educational programs to the design and construction economy.
This Special Economic Series will investigate the impact of current economic events on the design and construction industry with a specific focus on the industry segments that are represented by CI members. The programs will gather prominent industry experts and owners from the local area and around the country and will feature valuable discussion on significant issues. Leading economists from top industry publications will provide updates on the A/E/C economy and industry experts will share their latest data and forecasts on important issues.
Program One, "The Upside of Down - Strategies on How to Benefit From Challenging Times", will be held on Friday, May 8, at Housatonic Communitiy College in Bridgeport, CT. It will present various tools your firm can use to maximize opportunities in this rough economy. These tools will help you reassess strategic business opportunities, discover new opportunities and capitalize on the challenges ahead. The program will also provide an overview of the federal stimulus funding for construction for Connecticut, and where and how this stimulus funding will be spent as recommended by Governor Rell's Recovery Working Group.
Program Two, the Institute's "11th Annual I-95 Corridor Regional Construction Forecast", will provide our members and industry guests with key information on the economic conditions of both Fairfield and New Haven counties and specific information on upcoming planned capital projects in these regions. The I-95 Forecast will be held on Thursday, May 28, at Enterprise Corporate Park in Shelton, CT.
Program Three, which will be held on Friday, June 19, at Northeast Utilities in Berlin, CT, will offer an updated Public picture, and will focus on additional practical information and strategies, as shared by Industry Professionals who have successfully navigated similar challenges, that will help you move your businesses forward through these turbulent times.
In a recent BNET on-line article entitled, Confidence: A Vicious Cycle, Andrew Tilin writes, "confidence experts say that in these stressful times, leaders need to be level-headed and courageous. Be brutally honest with yourself and others, and get comfortable with making changes and even going against the grain."
The Construction Institute remains dedicated to delivering the programming and resources that will enable our members to be successful in the highly competitive Design and Construction Market...today, and in the months and years ahead.
Bob Gonyeau
Associate Director,
Construction Institute, University of Hartford,
bgonyeau@construction.org
