Long-Term Effects of COVID-19 in the Construction Industry
Jeffrey Heimgartner posted on July 03, 2020 |
Construction industry will require rethinking new normal, embracing tech, re-evaluating processes.
(Image courtesy of Pexels.)
The impact of the coronavirus pandemic on the construction industry created nearly immediate effects. Faced with cancelled projects, supply chain disruption and other short-term issues, approximately 40 percent of U.S. construction firms reported layoffs by the end of April. Already a volatile industry that relies on a robust economy, companies are having to think on their feet and consider what the future of construction will look like.
When the pandemic hit, the U.S. was already facing a housing shortage. As it spread, the construction industry stepped up to assist with turning facilities into makeshift hospitals and donating needed equipment. While some states allowed the continued construction of housing, many were forced to shut down completely. Those that have been fortunate to continue have had to rethink processes to incorporate new safety protocols, restrictions and a continued shortage of supplies.
Moving forward will likely not be a quick return to business as normal. In a recent in-depth, collaborative article, industry experts explored the short and long-term effects, as well as what a new normal may have to look like for an industry that has long been slow to embrace digitization and already faced rising costs,…