COVID-19 Taking A Toll On The Construction Industry

COVID-19 outbreak affected the construction industry and workers all around the world, however the prominent issue was the capital liquidity crunch. The cash flow got blocked and the investments across the market came to a halt.

About 87% of contractors in the US say that they had to stop their work, eventually leading to a delay. About 73% expect that the situation would remain the same till fall arrives. Survey results say that every one out of three business owners would expand their team in the near future. About 35% of contractors say that they have already applied for financial aid from the government.

Our world is globally integrated and the fall in economies caused trouble in this sector due to the close links. Commercial businesses and developed projects also got affected because of the massive fluctuation in retail. As a result, retail income decreased. This has caused a strain on the business and bore losses for both the employees and the clients. 

These Mishaps Occurred Due To The Pandemic

• The completion dates of several projects got delayed and the output value also decreased. The  fear of transmission of the  coronavirus prevented workers from working onsite. Also, a lockdown was implemented in many countries around the globe to curb the spread of the virus which worsened the situation even more.

• Arranging transportation of material and even laborers became a predicament. The clearance  required from the district officials for the intra-district or inter-district projects could not be earned this year due to the lockdown and unprecedented situation posed by the COVID-19 pandemic.

• Unlike other works or industries, there is no such thing as work from home when it comes to the construction industry. For the most part, one can coordinate with members by communicating digitally and come up with the strategies and work plan. Yet, the main work  to be done on the site cannot be done remotely. Cutting back on the number of workers deployed at the sites also could not suffice the efforts and labor strength the work demands.

• The unique feature of the construction industry that the work or the projects usually last for many years did not bode well at all. This means that the loss that the industry bore this year would be reflected and affect the work for years to come. 

  This period has turned out to be an eye-opener about how important database building, software learning and usage, industry research, and other tasks are that the construction industry overlooked until now. 

  Hopefully, appropriate quantitative easing measures would be adopted to boost the construction industry and property development to prevent a crisis. It is speculated that the construction industry would take a giant leap in the year 2020 and recover gradually. The industry should strengthen itself and prepare for new and better opportunities.