As we wrap up an incredibly challenging year, personally and professionally, construction business leaders are reflecting on knowns and unknowns—and looking ahead at 2021, they are preparing for the worst, but hoping for the best.
Here are a few of the knowns: throughout this year’s pandemic, construction business owners quickly mobilized to protect the health and safety of their employees; made difficult adjustments to working remotely and adhering to new jobsite guidelines; strategized for keeping finances afloat during constantly changing circumstances; and ensured important projects kept progressing through it all. Also, the early deployment of the COVID-19 vaccine has begun.
As outlined in the magazine’s “2021 Construction Economic Forecast” cover story on p. 18, many of the jobs lost during the first half of the year have since been recovered, and several contractors anticipate business expansion in the next six months. However, the situation varies significantly by region and by construction sector, and the risk of a recession remains.
Entering 2021, executives face several unknowns: the potential impacts of complicated, fluctuating business lockdowns; the effects of a new presidential administration’s policies with regard to workplace regulations and tax policies; and the potential for a bipartisan infrastructure package to fund long-overdue construction projects nationwide. Will CEO confidence ever return to pre-pandemic levels?
To help wrap our heads around all this uncertainty, I hope you’ll attend CE’s exclusive, construction-specific webinar presented by ABC’s Chief Economist Anirban Basu on Dec. 16. Reserve your space now by visiting webinars.constructionexec.com.
During this holiday season, I’d like to express my gratitude for our hard-working industry professionals who provide essential services and build the structures that support our daily lives. Good tidings to our construction readers!
