Commercial Construction Industry Poised For Recovery After Covid-19
According to the Q2 2020 USG Corporation + U.S. Chamber of Commerce Commercial Construction Index, released this week, reveals a drop in contractors’ confidence and outlook for their industry during the COVID-19 pandemic—but also that construction is well-positioned for recovery and positive change.
Survey results were collected in April, at the height of shutdown restrictions, causing the overall Index to plunge from 74 in Q1 to 56 in Q2. Two of the Index’s main indicators — confidence in new business and revenue expectations — both fell 26 points, to 50 and 44, respectively, revealing the severe impact of the coronavirus pandemic on the construction industry.
“We underwent a severe contraction in the economy in late March and into May, but now we’re starting to see a rebound of the data and the economy’s getting slightly better,” said U.S. Chamber Senior Economist Curtis Dubay during a panel discussion on the Index results. “But we’re not anywhere near where we were before the pandemic hit and the Commercial Construction Index reflects that.”
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