CONSTRUCTION Oct2021 GineersNow - Delta Variant Slowing Down Construction Recovery

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E D I T O R ‘ S N O T EThe Delta variant castsa cloud over theconstruction industry’sprospects in 2022. Butwithout it, Anirban Basu, chiefconstruction economist forMarcum, a national accountingand consulting servicescompany, warned.Basu also sees inflation asa threat. Elevated inflation isexpected to persist until 2022as global suppliers try to catchup with the growing demand forgoods and services. As a result,contractors should carefullyincorporate contingenciesinto their contracts to guardthemselves against materialprice spikes.According to the recentlypublished Marcum CommercialConstruction Index for thesecond quarter of 2021, thebuilding sector has trailedbehind the broader economicrecovery, with residentialdevelopment outperformingnonresidential construction.According to Richard Branch,chief economist at Dodge Data& Analytics, the Delta varianthas the potential to impedeconstruction starts this year,saying that this risk cannot beentirely discounted.Dodge Data & Analytics said thatconstruction starts dropped 3%in July to a seasonally adjustedannual rate of $854.8 billion.Each of the three main sectors—residential, nonresidentialbuilding, and nonbuilding—hasdropped in spending.Delta Variant SlowingDown ConstructionRecoveryAccording to a recentGlobeSt.com story, Dodgediscovered that commercialplanning decreased 3%,and institutional planningplummeted 9% in July due toincreased material costs andskilled labor shortages. Despitethe decrease, the DodgeMomentum Index remainsaround 2018 levels, accordingto the firm. Additionally, theindex was 25% higher thanin July 2020, with institutionalplanning increasing by 27%and commercial planningincreasing by 25% year overyear.The National Associationof Home Builders (NAHB)projected in July that laborshortages would become agrowing issue for constructioncompanies in the comingmonths. NAHB ChiefEconomist Robert Dietz statedthat the building sector needsmore employees to expandhome supply. He said thatto achieve this, labor forceparticipation must improvebeyond the present rate of 61.6percent in both constructionand the entire economy.
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