Recovering Construction Industry May Lead to More Employment
As long as they follow the federal guidelines, only essential critical infrastructure workers may return. With several states starting to ease up on their restrictions, more signs of recovery are expected in the construction industry. Here’s how the recovering construction industry may lead to more employment.
Bouncing Back From the Shut Down
According to Ken Simonson, chief economist for Associated General Contractors of America, there are certain areas in the construction industry that may bounce back sooner from the effects of the pandemic. Among these include telecommunication and the distribution of goods. However, the rest of the construction industry is expected to have a slow start unless more states lift their shelter-in-place policies. This will enable construction companies to recoup their losses by putting all their construction equipment parts
and vehicles to work and finish projects that were left on hold.
More Employees Will Be Hired
About 32% of contractors are planning to hire more employees
to meet their backlogs in the next few months, while 48% believe that the number of personnel that they have will remain the same. In fact, 15% of these commercial construction contractors think they can only hire a few individuals to their company as the crisis continues. Employment in the construction industry could generate 464,000 jobs last month, but it is still low compared to the rate of employment last February.
Not to mention, 87% of contractors believe that they will still experience delays in their projects which will continue until next summer. However, many are hopeful that they will be able to reduce their backlogs up to 75% within the next three months.
There is no doubt that the pandemic has grounded the construction industry to a halt, with equipment left in storage as lockdowns ensued. But with the government starting to reopen businesses, there is hope that the construction industry gets back on track not only to help with the economic growth but also to aid those who are currently unemployed.
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