Major consolidation in the domestic steel industry, a shift in foreign exchange rates that spiked prices for imported materials, a ruling against the U.S. in its trade dispute with Canada over lumber imports, and a growing shortage of natural gas threatening to push energy costs higher were among the significant cost trends that developed during the second quarter. But the economic event that will have the most long-lasting and profound impact on construction costs was the $350-billion tax cut signed into law May 28. It aims to stimulate the economy, but it runs all the risks associated with the resulting increase in the federal deficit.
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