The Sullivan Report’s Fall/Winter 2025 Economic Forecast reveals weaker demand, elevated inflation, and unresolved labor and federal funding challenges – potentially heightening risks and slowing construction recovery into late 2026.

U.S. cement and construction markets face another year of contraction given inflation's impact on highway construction, a broken Highway Trust Fund, and IIJA replacements.

Even prior to tariff talks, evidence suggested that the economy was drifting to a slower growth path. Job growth has slowed. Economic uncertainty rising among consumers and businesses with many struggling to keep up with inflation. Defaults on credit cards, student loans, and mortgages are rising. This all paints a picture of a slowdown.

Recent evidence suggests the U.S. economy may be drifting toward a slower growth path - becoming fragile. While job numbers can be volatile, job growth is slowing and trend toward further weakening. There are signs consumer is struggling under the weight of inflation.