Steps to contain the spread of COVID-19 have dealt a serious blow to construction, which is the largest market for steel. Construction will be the focus of this week’s SMU Community Chat.
Two out of three construction executives responding to an April 20-23 survey by the Associated General Contractors of America reported that they are experiencing project delays and disruptions due to owner-ordered cancellations and shortages of construction materials, personal protective equipment and skilled workers.
Ken Simonson, chief economist for the AGC, predicts little or no new private construction starts for the rest of the year. Infrastructure and other government projects will depend on uncertain funding. Construction may take longer to rebound than other sectors, he says, as there will likely be less demand for retail, offices, higher education and cultural facilities as owners and consumers wait for more economic certainty before they resume spending.
There are many questions regarding how COVID-19 is going to impact the residential, commercial and other forms of construction both in the near term, as well as 12-24 months out into the future. Join us at 11 a.m. ET on Wednesday, April 29, as we ask the tough questions and get answers from the chief economist for the AGC. The 45-minute webinar is free and open to all. To register, click here.
Tim TriplettRead more from Tim Triplett
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