RECAP: Kicking Off The New Year With Economic Insights

More than 60 SMACNA Greater Chicago members gathered at Gibson’s Bar & Steakhouse on January 13 for our first member meeting of 2026. Attendees were treated to a delicious lunch followed by an economic update from presenter Kurt Funderburg, Chief Investment Officer for Byline Bank.

Funderburg walked attendees through the current economic landscape, highlighting how far conditions have shifted since last spring.

KEY TAKEAWAYS FROM THE DISCUSSION INVOLDED:

• The economy continues to show a “K-shaped” recovery, with higher-income households and large corporations spending confidently, while lower-income consumers feel increasing pressure.

• Artificial intelligence is now a central force in the economy, driving rapid growth in tech and AI-focused companies, even as questions remain about long-term returns, workforce impacts and who ultimately benefits.

• Inflation is moderating but expected to remain above the Fed’s 2% target into 2026, keeping interest rates and government policy in focus.

• Retirement planning emerged as a hot-button topic, with concerns about the long-term sustainability of Social Security. Members were encouraged to think carefully about retirement strategy-maximizing contributions, taking full advantage of employer matching and understanding the pros and cons of target-date funds.

• Deglobalization, reshoring and labor shortages are reshaping the workforce, making future growth increasingly dependent entirely on productivity.

Funderburg also emphasized preparing for continued market volatility, monitoring AI’s real productivity impact and thinking carefully about long-term financial planning in an ever-evolving economic environment.