CONSTRUCTION Oct2021 GineersNow - Delta Variant Slowing Down Construction Recovery
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C O V E RS T O R Y40
suffocating projects, as builders balk at increased material prices. However, it is alsorelated to an insufficient number of unvaccinated construction workers.Construction firms have a large number of competent, skilled craft workers, but theyare unable to work because they are not vaccinated, and they are becoming ill. Theyare also fearful of getting sick and spreading the disease to other unvaccinatedindividuals. If they are vaccinated, they don’t want to work because they have smallchildren who can’t get the vaccine yet.Numerous materials are also much more expensive. Lumber prices reached historichighs earlier in the pandemic. Steel mill products, gypsum, and concrete have hittheir highest costs this summer, too.Additionally, many project owners are deferring work owing to rising expenses. WithCOVID-19 wreaking havoc on supply chains, material prices and transportation costsare expected to stay high well into 2022, resulting in a much slower constructionrebound than would otherwise occur.This is beginning to exert downward pressure on demand. Homeowners unable toafford increased material and labor costs have postponed moves and repairs. If thistendency continues, the state’s economy may become very chaotic, according toPeter Rodriguez, an economist and dean at Rice University’s Jones Graduate Schoolof Business.According to Marcum’s most recent Commercial Construction Index study, publishedSept. 1, contractors should take measures to minimize the risks associated withincreased costs.Elevated inflation is expected to remain until 2022 as global suppliers struggle to meetthe rising demand for goods and services. As a result, contractors should diligentlyinclude contingencies into their contracts to safeguard themselves against materialprice increases. Given the strong demand for construction company services andthe resulting backlog, contractors should have sufficient bargaining power to achievethis in the majority of cases.While the Marcum research said that the overall picture for the US construction sectorremained “basically favorable,” it confirmed ABC’s assessment that the delta varianthas clouded the economic outlook for this year and beyond. Basu said that withoutthe delta strain, one might just predict a thriving economy in 2022.41
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