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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suffocating projects, as builders balk at increased material prices. However, it is also
related to an insufficient number of unvaccinated construction workers.
Construction firms have a large number of competent, skilled craft workers, but they
are unable to work because they are not vaccinated, and they are becoming ill. They
are also fearful of getting sick and spreading the disease to other unvaccinated
individuals. If they are vaccinated, they don’t want to work because they have small
children who can’t get the vaccine yet.
Numerous materials are also much more expensive. Lumber prices reached historic
highs earlier in the pandemic. Steel mill products, gypsum, and concrete have hit
their highest costs this summer, too.
Additionally, many project owners are deferring work owing to rising expenses. With
COVID-19 wreaking havoc on supply chains, material prices and transportation costs
are expected to stay high well into 2022, resulting in a much slower construction
rebound than would otherwise occur.
This is beginning to exert downward pressure on demand. Homeowners unable to
afford increased material and labor costs have postponed moves and repairs. If this
tendency continues, the state’s economy may become very chaotic, according to
Peter Rodriguez, an economist and dean at Rice University’s Jones Graduate School
of Business.
According to Marcum’s most recent Commercial Construction Index study, published
Sept. 1, contractors should take measures to minimize the risks associated with
increased costs.
Elevated inflation is expected to remain until 2022 as global suppliers struggle to meet
the rising demand for goods and services. As a result, contractors should diligently
include contingencies into their contracts to safeguard themselves against material
price increases. Given the strong demand for construction company services and
the resulting backlog, contractors should have sufficient bargaining power to achieve
this in the majority of cases.
While the Marcum research said that the overall picture for the US construction sector
remained “basically favorable,” it confirmed ABC’s assessment that the delta variant
has clouded the economic outlook for this year and beyond. Basu said that without
the delta strain, one might just predict a thriving economy in 2022.
41