Beats me. Looking at the article it looks like the whole narrative is basically from "Nicholas Colas, co-founder of DataTrek". There's no signs that anyone else agrees with his narrative. Also, searching up his name I found this on the first page:

https://www.crainsnewyork.com/asked-answered/datatrek-resear... (paywalled but the url slug should be enough to infer the content)

Make of that what you will.