This episode of First Draft Live is presented by Agora.

It’s been a chaotic year for the construction industry. 

Between a volatile tariff regime, elevated interest rates and increased pressures on its labor force, contractors have had to navigate one of the most difficult environments in recent memory. 

On this week’s First Draft Live, Shawmut Design and Construction CEO Les Hiscoe breaks down the impacts of the uncertainty and how his $2B Boston-based company is handling the turmoil. 

“When things aren’t known and you can’t really plan on them in our industry, you can’t give our clients predictability,” he said on the show.

While many developers are responding to the moment by delaying projects — Hiscoe said one of his clients won’t start building until interest rates fall a full percentage point — Shawmut is advising them against it as the impacts of tariffs have yet to fully be realized.

“Waiting is a mistake,” he said.

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