In a world where the only constant is change, we are not immune to the financial shifts that influence our clients bottom line. One of the most significant challenges we face in recent times is the rising interest rates on commercial construction projects and remodels. The era of cheap money may be gone, but we built our business during a high interest rate environment in previous decades. We know these rates can be a challenge, but we’ve been here before and we can thrive during these changes.
Driving around familiar neighborhoods recently has been an exciting trip down memory lane as well as an engaging look at the future. There are so many brands taking over existing retail space and transforming it into something interesting and new. Whether it is demising a large retail space or reimagining the use of a former restaurant, there is an incredible amount of creativity being implemented.
For months there has been talk about a looming economic downturn. Articles tease with headlines like “this company stock is set to plummet,” or “Economist who predicted Great Recession has this stark warning.”
“I got the job!” he exclaimed. “But it only comes with a guaranteed six weeks of work.” The job was to be the Superintendent on three tenant buildouts at Carnation Mall in Alliance, OH. For a 25-year-old recent college graduate, with limited construction experience, it was finally a chance to be a superintendent. It was a risk, but a chance worth taking.
Walking around the office these days there are a lot of new faces. I have had the privilege of welcoming so many new people to the Fortney & Weygandt family. It has been wonderful to meet so many people, from a variety of skilled backgrounds. I am honored that they have chosen Fortney & Weygandt, Inc. for their place of work. I hope to be celebrating many work anniversaries with them in the future.
Headlines screaming inflation and rising gas prices dominate my screen daily. It’s hard not to see the daily effects of rising costs in both our personal and professional lives. The roller coaster ride the stock market is on is concerning even to the most passive investor.
We’ve been here before. We will get through this.
“How much?” is a common question in our world. It is asked countless times a day in our office or on a jobsite. Whether we are screening a subcontractor, evaluating a change on a jobsite, or discussing an upcoming project with a client, it inevitably has to be asked. With subcontractors and vendors, it is a straightforward discussion to address a current situation. When asked by a client or a prospect how much a project is going to cost, it has a lot more nuance.
Happy New Year! During this time of year many of us pause to reflect on the year we just endured? survived? or thrived in. What lessons have we learned? How can we make next year better? It was a year of changes and challenges.