Construction Industry Has Reason for Both Optimism and Pessimism During Pandemic Recession Recovery
Marcum predicts the economy will expand rapidly in the second half of 2021, but that nonresidential construction may take longer to bounce back.
March 1, 2021
The Marcum Commercial Construction Index for the fourth quarter of 2020, produced by Marcum LLP s national Construction Services Group, reports that the industry has reasons for optimism and pessimism as it recovers from the recession caused by COVID-19. Total construction employment has rebounded since plummeting in March and April but remains 3.3% below pre-pandemic levels.
“Nonresidential construction employment declined by about 644,000 jobs between February and May of 2020 as the pandemic’s grip took firm hold,” wrote Anirban Basu, author of the report and Marcum’s chief construction economist. “As of January 2021, the nonresidential industry had recovered about 60% of those losses, which means that
Construction Recovers Lost Jobs as Economy Bounces Back in the 3rd Quarter
Construction employment has rebounded since plummeting in March and April, and the industry’s unemployment rate stands at 6.8% as of October.
December 15, 2020
The Marcum Commercial Construction Index for the third quarter of 2020 reports that the industry continues to recover jobs lost from the recession caused by COVID-19. Construction employment has rebounded since plummeting in March and April, and the industry’s unemployment rate stands at 6.8% as of October, just below the 6.9% rate observed across all industries.
“The first two months of the pandemic witnessed the elimination of 1.1 million construction jobs. Between May and October, the industry recovered 73% of those lost positions,” wrote Anirban Basu, Marcum’s chief construction economist and author of the report, entitled