Mar 08, 2021
The overall U.S. economy is operating at 22 percent below pre-pandemic levels but should rebound by the first half of the year, says Richard Branch, chief economist for
For the construction industry, however, the rebound picture is not as bright, Branch said March 5 during Dodge’s first-quarter outlook.
“Construction is certainly one of those industries that will take time for the recovery to really dig in and take hold and gain traction,” he said.
Total construction starts declined 9% in 2020 and are expected to rise 4% in 2021. His prediction for this year, however, is still about $46 billion shy of the industry’s peak in 2019.
NH Business Review
Business is booming for New Hampshire contractors
Last year some homeowners were wary of having strangers in the homes; this year, they’re eager to have renovation work done
March 7, 2021
Contractors, like most other businesses, were hit hard when the Covid-19 pandemic first hit last March.
The majority of clients who had committed to projects opted to back out due to uncertainty about having someone else in their house. But unlike many other professions – most anything indoors comes to mind – the lull for contractors was only a blip in the grand scheme of things.
Greg Baier, owner of Knollstone Contracting in Concord, saw business plummet early on during the pandemic, but it quickly sprang back.
Dive Brief:
Construction employment declined by 61,000 in February, while the sector’s unemployment rate soared to 9.6% amid severe winter weather and continuing weakness in new nonresidential projects, according to an analysis by the Associated General Contractors of America of government data released Friday.
The job loss was concentrated in nonresidential construction, with a decline of 60,800 jobs in February, following a dip of 400 jobs in January. The February 2021 total was 316,000 jobs or 6.8% less than a year earlier.
“The steep decline in construction employment in February continues a downward trend in nonresidential activity that began before the disruptions caused by last month’s freezes and power losses,” said Ken Simonson, the association’s chief economist. “Despite recovery in some parts of the economy, private nonresidential construction is still experiencing many canceled and postponed projects and few new starts.”
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