The Best Ever CRE Show JF 4049: Construction Costs, Sector Shifts and Stagflation Odds ft. John Chang
Oct 5, 2025
Join John Chang, a seasoned expert in commercial real estate research and advisory, as he dives into the impact of tariffs, immigration, and potential government shutdowns on the sector. He argues that tariffs are leading to persistent inflation rather than short-term spikes and discusses how immigration cuts are tightening the labor supply, driving up wages. With insights on the ripple effects across various industries, Chang highlights opportunities for investors to navigate uncertainty and capitalize on localized demand, especially in an evolving economy.
AI Snips
Chapters
Transcript
Episode notes
Tariffs Are An Ongoing Inflation Driver
- Rolling and expanding tariffs are not transitory when new levies keep being added over time.
- John Chang says ongoing tariff changes create persistent inflationary pressure rather than a one-time bump.
Immigration Cuts Raise Labor Costs
- Restrictive immigration policy shrinks labor supply and will raise wages in key sectors over time.
- John Chang warns construction, agriculture, food service, and healthcare face higher labor costs and slower growth.
Shutdown Blinds Key Economic Data
- The government shutdown disrupts BLS data collection and may blind the Fed ahead of rate decisions.
- John Chang cautions missing inflation and jobs reports could lead the Fed to cut rates without up-to-date information.