FIRST DRAFT LIVE: Shawmut CEO Les Hiscoe On Construction’s Battle With Tariffs And Trump-Era Uncertainty

Bisnow’s First Draft Live is a weekly series featuring live conversations about the critical stories impacting CRE right now — from market volatility and economic uncertainty to the growing influence of artificial intelligence. First Draft Live is a companion to The First Draft, Bisnow’s daily, flagship CRE newsletter. Register here to get The First Draft in your inbox. Subscribe to First Draft Live on Apple and Spotify, or scroll down to view in your browser. 

Tariffs, labor shortages, supply chain delays, rising materials costs — the construction industry is facing a litany of challenges and more are looming on the horizon. 

Despite these issues, projects are lurching forward and companies are coming up with strategies to help them weather both regional and national storms.

Boston-based Shawmut Design and Construction is one firm surging ahead in the face of uncertainty. CEO Les Hiscoe spoke with Bisnow this week about market challenges, tech adoption, pivoting in the face of a shifting higher education landscape and why robotics won’t be replacing his workforce anytime soon. 

Speaking with Bisnow Editor-In-Chief Mark Bonner, he said the effect of tariffs has already caused some price increases, which is why one solution is to procure domestically. This, he said, will create a demand issue, and prices will go up.

“Waiting is a mistake,” Hiscoe said. 

He also said it's easier for developers to absorb the impact of tariffs than other CRE professionals. 

“For us, it’s a short-term price risk that we can’t absorb ourselves fully through the traditional contracting process,” he said. “In some ways, the headlines help us. It’s so unpredictable that when we go to clients, we can say, 'You know what you’re dealing with.’”

Watch the full conversation with Hiscoe below: