140. A Chief Economist's Forecast For 2024 - Pierre Cleroux

Contractor Evolution

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Today's guest on the show is Pierre Cleroux, Chief Economist of the BDC, Canada’s bank for entrepreneurs. He’s been an economist for 30 years and has led the research team at the BDC for the last 12. On top of lending to entrepreneurs for their various business needs, the BDC also conducts and publishes a vast amount of research and literature on the ever-changing landscape of small to medium-sized businesses.

Today’s conversation is hyper-focused on 3 macro trends that absolutely impact your business and where they’re headed.

We talk about:

• Where inflation is at, where it is headed, and HOW you can thrive in spite of it
• We discuss how climbing interest rates are affecting the monthly cash flow of both homeowners and businesses and whether or not your contracting business is headed for a slowdown
• Lastly, he shares with us the research their team has done on the current labor shortage, how we ended up here, and whether or not it's going to get better (I’ll give you a hint: it’s not looking great ;)

Pierre was a great guest and gave us a highly insightful economic overview of the year 2023 and what's in store for you in 2024.

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