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.
