Many construction companies are still on the edge due to last year’s unprecedented events. A lot of projects were called off as restrictions for outside activities are continuously being limited to avoid the spread of the virus. These cancellations then prevented the companies from hiring new employees. Therefore the unemployment rate last December 2020 was as high as 9.6%. With this, construction companies still see a decline in the industry this year 2021.
What seems to save the industry is the collaboration of their operation with technology. Companies that are able to adopt the remote set up in the inspection and other working capabilities will definitely be the first choice comes the reopening of the previously canceled projects. However, considering the declining revenue and high material cost, it can be understood that not all companies will be able to upgrade immediately. Truly it is going to be a challenging year for all but most people in the industry have been here for 20 years and more, and that they have been through many challenges in the past so last year’s wrath might be just another thing to pass.
In an article featured in For Construction Pros, they discussed the declining forecast for the construction industry this 2021.