b'PRESIDENTS MESSAGEprojects on hold and wait for prices to come down? Itshuman nature. But what if the cost of construction is not coming down?I had an interesting conversation with Jeff Murva, our TCA chairman, during Construct Canada in early December on just that topic. A few of his clients in the HR residential sector have done just that: put projects on hold in the hope that construction costs will actually come down. As actual buyers of bricks and mortar, most constructors believe lower prices are a pipe dream. Add to that our growing concern about sourcing labour, and my guess is that most of you share Jeffs opinion that waiting will more likely come at a cost. Like I said,its complicated. CONSTRUCTION SECTOR EMPLOYERS NEED TO WORK COLLABORATIVELY TOMITIGATE RISK AND DIALOGUE CONSTANTLY WITH THE ONLY ADVISORS WHO TRULY UNDERSTAND THEIR PLIGHT, SPECIFICALLY THEIR PEERS IN THE CONSTRUCTION INDUSTRYWe have talked a lot about private sector projects and the fact that price uncertainty almost always trumps supply and demand when it comes to investment decisions. But what of An award winning company deliveringthe public sector? Governments have been spending money as though it grows on trees since March 2020 because the extraordinary services and productsalternative was worse. In fact, some federal governments, for every project, every time. Canada included, now face the prospect of carrying debt double pre-pandemic levels at a time when federal banks are forced to raise interest rates to fight inflation. As homeowners, we can relate to the higher cost of debt and as a result face very difficult decisions of our own about our homes and businesses. To make a bad situation worse, construction cost escalation translates into paying more for less. You do the math. As a consumer, are you OK with a government that isnt held to account for budgets that predict massive deficits at a time we can least afford it?For the record, this is not about partisan politics. And I am certainly not an economist. My point, if it is not already obvious, is that slow growth is the best-case scenario. If I were an economist, I might be less optimistic. It is fair, however, to An extensive portfolio of complexsay that all evidence points to challenging times ahead for all structures, bridges, institutional,of us. Put simply, construction sector employers need to work commercial and industrial buildings. collaboratively to mitigate risk and dialogue constantly with the only advisors who truly understand their plight, specifically their peers in the construction industry. And our house is your CHECK US OUT! home so dont be a stranger. We need each other now more than ever.bensonsteel.comRespectfully,INNOVATIONJohn Mollenhauer TCA President & CEO8Quarter 42022 BUILDERSDIGEST'