Manufacturing and Construction Have Not Only Survived but Thrived

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Some months ago, I discussed how rising interest rates would impact the labor market and specifically which industries the tightening cycle could upend. The two most at risk? Construction and manufacturing. Almost a year and 375 basis points later, these two sectors have not only survived this tightening cycle – they have thrived. Sure, the housing sector had a worrisome wobble, but the construction sector has been propped up by increased investment in manufacturing projects. A weaker housing market and a decrease in the demand for durable goods couldn’t compete with the deluge of investment – much of it spurred

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