Economic headwinds resulting from the ongoing financial crisis in Europe will remain one of the major factors buffeting the U.S. construction economy through the rest of the year and into 2013, economist Anirban Basu told an annual gathering of the Construction Financial Management Association in Orlando in late June.
The industry economist admitted that his projection that Europe's economy will continue to struggle through 2013 runs counter to some forecasts. The International Monetary Fund, for example, believes the austerity plans being implemented by a number of European countries will lead to recovery in 2013.