The AGC discussed drops in construction employment in a recent news release. The association conducted a survey in early April of contractors in which 53% responded that they have had a project delayed or cancelled because of COVID-19. This data aligns with the most recent employment numbers provided by government sources. Twenty states reported losses in construction employment while six reported steady employment numbers and twenty four reported increases in construction employment. These numbers were early March so the decrease might actually be higher as more restrictions and shutdowns have occurred since then. A few weeks ago, The Trailer shared a report that was fairly optimistic about the overall outlook for our industry. Even with the current crisis factored in, this report found that overall industry revenue would only drop a small amount in 2020. While not entirely out of line with the AGC's recent news release, it would seem wise for contractors to be conservative with hiring and financial planning. Some sectors that are more essential than all "essential" construction have a greater chance of seeing an increase in 2020 but there are still lots of unknowns. The best strategy right now is to stay informed and flexible. Be flexible enough to change from work as usual to bracing for an economic bomb if the available information changes for the worse. If things change for the better, contractors that can quickly adapt will build a better company while building a better world.
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