In a survey that we conducted in September, our members told us that rising interest rates were a factor, and 59% of members in the construction industry confirmed that rising interest rates were having an impact on their businesses.
Higher interest rates mean that businesses have to pay more to borrow, and some of them can't afford to borrow in order to carry out projects or to buy machinery and equipment, for example.
Construction ranks fourth among all the sectors that CFIB represents and that report they are affected most by rising interest rates. That can obviously slow down housing starts. Input cost increases and administrative delays are also significant factors noted by our members.
Ultimately, it's essential that we expand the pool of available workers, and immigration and training policies can play a significant role in that regard.
Thank you for your attention. We are eager to answer your questions.