Tampa Bay’s economic resiliency may temper recession impact; massive buying opportunities for 2024 and beyond.
Andrew Wright is the founder and chairman of Franklin Street, CEO of real estate investment firm Ally Capital Group and co-founder of hospitality company Next Level Brands. Here are edited excerpts from his presentation.
Some materials prices are going down. Anybody that's building anything doesn't feel that. It's absolutely not the case. Maybe I can get lumber cheaper, but I can't get an electrical panel. I can't get roofing insulation, I can't get skilled labor, I can't find a mill worker.
We are not experiencing anywhere near relief at this point in time, particularly in our markets. And layer on the operating uncertainty, some of this capitalization uncertainty in terms of how banks will feel when projects get completed, they're not so confident that they're going to have the robust growth that they've had for the last ten years.
It's making for a very challenging construction environment, so much so that I predict that projects will either be reduced, canceled or delayed.
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