The efforts to manage the impact of the COVID-19 outbreak in order to minimize the loss of life have already had a profound effect on U.S. businesses, including the construction industry. However, the impact on construction has been far from uniform. In order to help the industry better understand the implications of this moment, Dodge Data & Analytics launched an online survey of contractors to its contractor panel, which fielded from March 19 to March 31. The findings capture the moment when many companies began to realize the severity of the impact, and demonstrate the degree to which the immediate impacts vary across the U.S
This white paper features research conducted with contractors in March 2020 on the impacts of the COVID-19 outbreak and containment efforts on their businesses. Top findings include:
- 67% of contractors are experiencing project delays due to the COVID-19 outbreak and measures to contain it.
- The worst impacts are expected in three months, with 48% of contractors expecting a high/very high impact on their businesses and an additional 39% expecting moderate impacts.
- Contractors are most concerned about a possible recession resulting from the virus and transmission of the virus among their workers
- Nearly half (47%) of contractors expect jobsites to be closed for an extended period of time, and among them, 51% say they will face serious risk to their business if shutdowns go on as long as 3 months, and about one-in-five will have difficulty surviving one month.
- Only 5% of contractors think their insurance will provide coverage for the impact on their projects, and only 7% on their businesses.
