Article source: ConstructConnect
This isn’t a hard point to make. A great deal of emphasis in coming years will be placed on de-carbonization. A full court shift to electrification is viewed by many as a primary means to achieve desired and commendable levels of carbon reduction. What is not being presented or discussed thoroughly, though, is how costly this will be. Nor will the shift to greater usage of renewable electric power be the only factor pushing up day-to-day living and business expenses. There are a host of others including investments in cyber security; commitments to employee compliance courses; deeper workplace cleaning efforts; and accelerating adoption of high tech.
Rising inflation, reflected by consumer prices that are climbing quickly, and brought on by material shortages, supply chain interruptions (particularly at West Coast ports), commodity price advances and wage hikes, is one thing. Set aside the inflation issue for a second. There’s a whole separate topic to be covered concerning other measures that are about to make the post-pandemic world an expensive place in which to live and do business. I’ll have more to say on this subject when ConstructConnect hosts its next 3-Economists Webinar on November 3rd.
