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Building Connections Episode 8: Construction Trends, Labor Shortage, Infrastructure Growth with John Armstrong from BMO

February 9, 2026

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The construction labor shortage is the defining crisis facing the AEC industry in 2026. In this episode of Building Connections, Rob Ryan sits down with John Armstrong, Managing Director of BMO's Engineering & Construction Group, who oversees $16 billion in construction lending nationwide.

Get insider perspective on the biggest challenges and opportunities in construction, architecture, and engineering from someone who sees the financial side of thousands of projects across the U.S.

KEY TOPICS COVERED:

Construction Labor Shortage & Workforce Crisis
‍• Why labor scarcity is the #1 challenge facing contractors
• How union and non-union markets are converging out of necessity
• The real impact on specialty contractors and project margins
• Solutions: modular construction, prefabrication, and AI adoption

‍Construction Industry Trends 2025-2026
‍• Data center construction boom: sustainable or bubble?
• Water & wastewater infrastructure opportunities
• Healthcare construction spending outlook
• Advanced manufacturing and chip plant development
• Infrastructure Investment and Jobs Act impact

Regional Construction Market Analysis
‍• Which U.S. markets are strongest (Texas, Arizona, Southeast, Pacific Northwest)
• Geographic differences in construction demand
• Where power, water, and land drive data center migration

Construction Finance & Economics
‍• How construction companies are managing interest rate volatility
• Supply chain recovery and material availability
• Tariff impacts on steel and construction materials
• The maturity wall in commercial real estate
• Risk management practices that separate winners from losers

Macroeconomic Impacts on Construction
‍• Federal interest rate outlook (projected cuts in 2026)
• Deficit spending and state/local government funding risk
• Geopolitical events and industry resilience
• Commercial real estate comeback potential
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To learn more about BMO Bank, please visit:

BMO Bank: https://www.bmo.com/

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