Talk of a looming recession has only intensified over the past few months and varying industries have begun to take action to prepare for the impact. Since the start of the COVID-19 pandemic, change has been the only constant for the construction industry and the economy at large.
Overall, the economic forecast for construction is stable because project backlogs are steady and contractors are anticipating rising sales and employment. Of course, all of this can change, especially in an industry that has to react so aggressively to the whims of the global economy. As it stands, contractors have a great opportunity to put themselves in a strong position whether or not the economy recovers or continues staggering.