Jay Pendergrass, director of supply chain management and equipment at top 11 contractor Gilbane, issued some upbeat notes in his latest Market Conditions Report looking ahead to the second half of 2022. While not universally positive, Pendergrass’s outlook for 2H 2022 pointed to key areas displaying better conditions for contractors. Pendergrass’s outlook comes as the Federal Reserve has promised to raise interest rates even more, on top of the total 1.5 percentage point increase it’s already instituted this year. It’s set to announce its next rate decision July 27. The war in Ukraine has also intensified shortages of oil, natural gas, fertilizer, aluminum, palladium and titanium. And the impacts of COVID-19 lockdowns in Asia during the first half of 2022 will still play out during the last six months of the year. Meanwhile, surging demand in the U.S. has led to contractors having to pay workers more.