The United States will redirect its focus from technology to construction-related business with the incoming presidency of Donald Trump, commodities investor Dennis Gartman told CNBC on Wednesday.
President-elect Trump has previously promised an investment of $1 trillion in infrastructure – a policy that commodity and construction firms worldwide expect to benefit from.
"The incoming president has made it abundantly clear he will focus attention on several areas, infrastructure being primary, defense being secondary and I think … I want to own the things that if I drop them on my foot will hurt: Steel, ball bearings, railroads that sort of thing," the publisher and editor of the Gartman Letter told CNBC.
He said that the U.S. economy is in a shift: "Mahoning Valley relative to Silicon Valley." Mahoning Valley, often known as Steel Valley, is a geographic location in northeast Ohio that is renowned for its manufacturing industries.
"The real movement now is that we will see a movement towards the Mahoning Valley which is where steel was born here in the United States," he said.
Interest should pick up significantly in steel, trucks, railroads and other construction-related materials. "I think we will see continued movement into those very simple things," Gartman added.
Correction: This story was revised to correct the spelling of Mahoning Valley.