Issue link: https://read.dmtmag.com/i/1504191
I DA U N I V E R S A L Au g u s t - S e p te m b e r 2 0 2 3 42 Canadian Wildfi res Impact Construction in the Eastern U.S. Over the past month, smoke from the ongoing wildfi res in Quebec, Canada placed a "fog" over certain U.S. construc- tion projects. According to Forbes, the smoke signifi cantly impacted construction and urban activity across the U.S. particularly in New York City. The smoke became so dense that it severely impaired visibility, making it diffi cult for construc- tion workers to see what they were doing. Working outside also became nearly impossible due to poor air quality. This led to delays for numerous building projects, which could have a huge impact on the U.S. economy. The wildfi res in Canada have been blazing since early June and show no signs of abating. According to Reuters, smoke continues to enter the northern border of the U.S. from Canada, where the wildfi re season began unusually early. While the smoky condi- tions have temporarily subsided, the problem may persist as experts do not expect the wildfi res to die down for some time. And if more smoke blows down to the Eastern U.S., Infrastructure Projects Provide Support Amid Falling Steel Prices construction projects could be hampered further. Infrastructure Projects Add Support to Steel Rebar Steel prices continue to drop from the peaks seen earlier this year. However, due to the Bipartisan Infrastruc- ture Deal, infrastructure spending continues to add support to materials like steel rebar and h-beam steel. So far, construction steel, aluminum, and other Manhattan skyline on June 8 as seen from Liberty State Park in New Jersey after smoke from Canadian wildfi res blanketed New York City. The Construction MMI fell by 5.04% due to sliding steel prices, although there was a slight rebound in H-beam steel and steel rebar prices within the fi rst two weeks of June. Ongoing wildfi res in Quebec, Canada, are negatively impacting U.S. construction projects, particularly in New York City, due to reduced visibility and poor air quality, leading to delays and potential economic implications. The U.S. debt ceiling situation caused uncer- tainty in the construc- tion industry, potentially leading to delays or cancellations of projects, which could also have a broader impact on the overall economy. The Construction MMI (Monthly Metals Index) stayed within a tight range, but dropped more than in the previous three months. Overall, the index fell by 5.04% month-on- month. Meanwhile, steel prices continued to slide, which brought notice- able bearish pressure to the index. However, within the fi rst couple weeks of June, H-beam steel and steel rebar prices began to rise again. While bar fuel surcharges managed to increase, they did not add any noticeable support to the index between May 1 – June 1.