Robert Podorefsky, market strategist of GE Capital, was the keynote speaker.
In conjunction with the World of Asphalt and AGG1, GE Capital offered an informational seminar to key customers who were either significant purchasers of or dealers of heavy construction equipment. The keynote speaker was Robert Podorefsky, market strategist of GE Capital.
Podorefsky provides corporate borrowers with a perspective on how economic and market developments may impact their businesses. He speaks frequently throughout the United States on topics relevant to the economy, interest rates and currencies and is an adjunct professor of finance, fixed-income and risk management at Brandeis University. He has served as the chief interest rate strategist of the Global Rates Group at the Bank of America and as a senior member of the UBS Global Markets Team.
The forecast that Podorefsky presented for the construction industry was bright with key points including:
• A projection that oil prices would remain low for the foreseeable future.
• A projected national growth rate for construction of 7.7 percent with the southeastern, mid-eastern and western states leading with double digit growth with a strong housing rebound. He noted that because of severe weather, the first quarter numbers were soft, but were not a true reflection of what the balance of the year would bring.
• Any modest upward movement in interest rates would not have a significant impact on the economy; it would however impact investment markets.
• The labor market will continue to tighten. Three million new jobs were created in the United States in the last 12 months.
• Consumer savings on petroleum products would result in an overall increase in consumer spending and will help further push the housing and commercial construction markets.
• Residential, commercial and highway construction activity should all trend upwards during the 2015 year.
GE Capital offers consumers and businesses around the globe an array of financial products and services.
For more information, visit www.gecapital.com.