Economy: Page 2

Contractor confidence plummets to record low amid crisis

In the latest Construction Confidence Index from Associated Builders and Contractors, firms reported historic declines in expectations for sales, profit margins and staffing levels.

By Jenn Goodman • April 24, 2020

Architectural billings continue historic decline

The record drop in demand for design services and new project inquiries reflects the dramatic deceleration of the U.S. economy since the COVID-19 pandemic began.

By Jenn Goodman • UPDATED: May 20, 2020 at 10:14 a.m.

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Labor

A roundup of articles about issues affecting the workforce.

By Construction Dive staff

Cash and the coronavirus: 4 ways contractors can collect and borrow

The ability to maximize cash during and after the pandemic is key to a contractor's survival, financial experts told Construction Dive.

By Kim Slowey • April 22, 2020

In coronavirus crisis, US construction firms begin turning to layoffs, furloughs

After years of not having enough labor, more construction employers are going to start having to turn job seekers away on a large scale, says Associated Builders and Contractors' chief economist.

By Jenn Goodman • UPDATED: April 14, 2020 at 10:44 a.m.

Shutdown-impacted businesses taking PPP loans may risk losing CARES Act tax benefits

Until rules are out, it's not clear paying expenses with stimulus loan funds will help your business come tax time.

By Robert Freedman • April 07, 2020

AECOM cuts executive and board pay by 20%, CEO Burke remains for now

The company's reported merger talks with Canada-based WSP have also likely stalled due to the coronavirus crisis.

By Jenn Goodman • April 06, 2020

Katerra lays off 7% of workforce in latest round of cuts

The layoffs, which amount to about 400 employees, will help to accelerate the offsite construction firm's "path to profitability," CEO Paal Kibsgaard said.

By Joe Beeton , Zachary Phillips • UPDATED: July 1, 2020 at 9:35 a.m.

Analysts predict a temporary coronavirus-related halt to commercial lending

Large transactions will be challenging to consummate now, but the outbreak's impact on U.S. commercial lending will be more like that of 9/11 than the Great Recession, a RCLCO Real Estate Advisors​ official told Construction Dive.

By Jenn Goodman • April 03, 2020

Sponsored by Touchplan

Vital actions every construction project needs to take to tackle COVID-19 now

 Every project is struggling with hurdles prompted by COVID-19. Here are ways you can tackle the problems now. 

Consultant predicts a post-coronavirus 'construction tsunami'

Contractors should look to predictive models to help plan for getting back to work after the COVID-19 crisis abates, which could be in just over a month, according to a presenter at a recent DBIA webinar.

By Jenn Goodman • April 02, 2020

Skanska, Balfour Beatty, Jacobs Engineering freeze or cut executive pay

In response to coronavirus-related economic turmoil, public construction firms are also delaying dividends and Fluor is preparing to ward off any hostile takeover bids.

By Jenn Goodman • April 01, 2020

Sponsored by Trim-Tex

Contract work in the age of coronavirus: How individuals are overcoming

For contractors, COVID-19 can mean no working. Here’s how you can stay productive during this time.

Trump signs emergency coronavirus bill granting paid leave opposed by construction group

The bill contains two key provisions covering workers employed by private entities and individuals that employ fewer than 500 employees.

By Ryan Golden , Jean Dimeo • March 19, 2020

How contractors are responding to the COVID-19 crisis

Despite paralyzing levels of uncertainty brought on by the rapidly changing effects of the coronavirus pandemic, contractors like Bechtel, DPR, Layton and Suffolk are trying to prepare for whatever might come next.

By Jenn Goodman • March 19, 2020

In most US cities, construction work continues as shutdowns loom

Pennsylvania's ban on nonessential travel effectively stops construction, while it's unclear how California's measure will impact new and existing work. As more jurisdictions follow, Trump is being urged to set federal definitions on whether functions such as jobsites can operate.

By Jenn Goodman • UPDATED: March 20, 2020 at 10:14 a.m.

Hotel construction pipeline ends 2019 with record high

Though there were a record number of hotels planned and underway as of the close of the year, Lodging Econometrics' results and forecast do not include the potential impact of the coronavirus.

By Kim Slowey • March 18, 2020

AGC opposes paid leave provision in House coronavirus bill

If passed in the Senate, the plan could lead to industry layoffs, bankruptcies and delays in the construction of medical and emergency facilities, according to the Associated General Contractors of America.

By Jenn Goodman • March 17, 2020

COVID-19: Construction Dive's daily news and resource tracker

North Carolina health officials report high rates of COVID-19 among Latino construction workers, Chicago’s Aon Center Observatory project has been delayed and a Santa Barbara, California, contractor is building free "parklets" for local restaurants.

By Nami Sumida • UPDATED: June 30, 2020 at 10 a.m.

Deep Dive

6 ways the coronavirus outbreak will affect construction

Contractors are used to risk but are they prepared for everything the pandemic will throw at them? Here are the top consequences builders will face.

By Jenn Goodman • March 13, 2020

Balfour Beatty profit up 8% amid US civil project delays and coronavirus monitoring

Despite an overall increase in U.S. revenue, CEO Leo Quinn said that around 18 civil projects there have fallen behind schedule, leading to reduced profitability in that sector.

By Kim Slowey • March 13, 2020

Economist: Contractors should prepare for a coronavirus-triggered recession

The fragile state of the U.S. economy may be no match for a pandemic, ABC economist Anirban Basu said at the World of Modular conference this week.

By Joe Beeton • March 12, 2020

Sponsored by Gordian

In a world of changing construction costs, success hinges on accurate data

Inaccurate construction costs can be the pitfall of construction projects. 

Construction industry growth predicted in JLL 2020 report amid cost upticks, coronavirus uncertainty

Contributing to the overall economic environment of the industry are the usual suspects of rising material costs and trade policies as well as a new health crisis that could impact those factors even more.

By Kim Slowey • March 06, 2020

Sponsored by Tenna

5 construction innovations bridging the labor shortage gap

Technological innovations provide the solution needed to combat the labor shortage.

Coronavirus impacts could have ripple effect on US construction industry

When it comes to unexpected developments on factors like materials prices, American builders are not immune to the effects of the global epidemic.

By Jenn Goodman • Feb. 19, 2020