The Federal Reserve cut its benchmark interest rate by 25 basis points on Wednesday afternoon. The move offers builders some long-awaited relief from high borrowing costs.
Contractors expect the cut to provide a much-needed confidence boost and may push nearly ready projects to finally break ground. Sectors such as hospitality and mixed-use projects may see that first lift.
But many construction firms cautioned one cut alone will not jumpstart overall activity, especially as labor challenges and materials costs still hamstring progress. The Fed will meet again to announce interest rate decisions at the end of October and early December.
This is a developing story. Read more on our website for live updates.
