In the past two years, our economy has shown numerous anomalies. Typical indicators of growth and decline have often conflicted in the same quarter. The first quarter of 2023 was no exception with high profile layoffs but historically low unemployment rates. GDP projections remain positive amid even further Fed rate hikes. We saw job growth and business spending start to slow, but consumer spending continues to be high, making taming inflation extremely difficult. As we predicted in our last issue, the Fed raised the Federal Funds rate .25% in February and March. The first quarter also saw the collapse of two regional banks, which will result in less available credit and points to an impending recession.
Successful sporting and entertainment venues have a direct effect on the livability and vitality of the communities and campuses where they exist. The market is comprised of a broad range of clients and facilities, and facilities are often used by multiple groups with different goals which can make striking a balance between profitability and usability a challenge. From a construction aspect, it’s imperative that these facilities are efficient to construct and operate so they can be responsible and sustainable contributors to future generations. In this spotlight, Scott Sherry, Vice President and Project Executive for JE Dunn’s Sports team, weighs in with the latest industry trends and the ways we’ve navigated the associated challenges.
“Having the best stadium or arena isn’t enough. Higher education institutions are trying to “outbuild” each other with the nicest training facilities, locker rooms, and athlete amenities.”