If you compare the economic boom to a baseball game, Valley Bank’s Al Rogers says we’re in the seventh-inning stretch. Rogers, senior VP and executive lending officer of Valley, spoke at a recent Urban Land Institute panel discussion about capital markets.
“We still have a good long run ahead of us,” he said. “We’ll see a slowdown at some point, but we don’t foresee a severe one happening any time soon.”
What worries him? The construction labor shortage, which is driving up costs. Costs may get so high – particularly in multifamily – that new deals won’t work with current rents.