Commercial Construction May Enjoy a Comeback After Pandemic

It’s a challenging time for the commercial construction sector. The recent “2020 USG Corporation + U.S. Chamber of Commerce Commercial Construction Index” shows a decrease in the confidence of contractors and their industry outlook during this pandemic. But builders should not lose hope. 

According to the Chamber of Commerce, the commercial construction industry is positioned for a recovery after COVID-19. “This is good news for the economy and the millions of Americans who work in the industry,” U.S. Chamber of Commerce Executive Vice President and Chief Policy Officer Neil Bradley said. “Congress can help by continuing to support the economy.”

Even with the recent shutdowns, 60% of contractors have reported at least a six-month backlog of projects, while eight in 10 say their revenues will increase or stay approximately the same in the next year. The Chamber of Commerce also reports that three in four contractors have moderate or high confidence that the next year will bring sufficient new business opportunities.

But the positivity does not end there. The Index shows that the commercial construction industry is a valuable employer during this pandemic that is also ready to take on more workers. In fact, one in three contractors are planning to hire more in the next six months and almost half believe their workforce will stay the same. 

Industry Updates

How to Enhance Jobsite Productivity With Health and Safety Technology

Three out of four employees who use wearable distance monitoring and contact tracing devices at work state they feel safer than those who do not. (iStock/lakshmiprasad S) The pandemic has incredibly impacted the construction industry. Nearly one million jobs were lost in April last year. Nonresidential construction starts were down by almost a quarter in […]

Read More
Industry Updates

Luxury Home Sales Surge Ahead of Affordable Homes Purchases, Redfin Reports

iStock/hikesterson During times like these, one would think that the sales of homes with all the bells and whistles would see a downturn, but that is not the case, according to Redfin. The technology-powered real estate company instead reports that U.S. luxury homes sales grew 60.7% year over year during the three months ending Nov. […]

Read More
Industry Updates

Flying High: Skanska Teams With Measure for National Drone Program

iStock/Natnan Srisuwan Over the years, drones have evolved from being widely known as toys to becoming essential tools on project jobsites. But once the company acquires the technology, it’s a good idea to make sure the rest of its tech is up-to-date. Construction and development firm Skanska USA recently did just that in its new […]

Read More