The flurry of construction activity of all scales could be further affected by a recent change in U.S. monetary policy. The Federal Reserve last week cut interest rates by 50 basis points in a step toward acknowledging slowing inflation and cooling labor market.

Andrew Woods, director of the Center for Business and Economic Research at UNLV, said projects in the works now have likely already been financed, but future development could be boosted by the changing policy. But the cut interest rates could affect consumer spending, which in turn affects a company’s bottom line.

“From what I’m hearing, construction is going to continue to be strong in the valley and with reduced interest rates, it’s a peace of mind,” Woods said. “If anyone’s got a crane up right now, they already have financing so the 50 basis points cut isn’t going to make you go out and refinance all your lending. Instead it’s about the direction of travel and looking ahead.”

Woods said the research center predicts a normalization in the economy, with looser access to money and a labor market that gives employers more of a focus on hiring qualified workers instead of ones they may have to train.

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