Two-thirds (67 percent) of contractors reported they are currently experiencing project delays due to the coronavirus pandemic, according to a survey conducted by Dodge Data & Analytics.
The survey, which took place March 19-31, included the participation of 172 contractors across the United States.
According to the survey, the delays are caused by a variety of factors, including government-mandated closures of project sites; delays in shipments of materials and equipment; difficulty finding workers due to social distancing requirements; owners canceling or delaying projects due to either economic or health and safety concerns; and challenges to getting the necessary permits and inspections with government offices closed down or reduced in availability.
Inversely, 34 percent of respondents reported little to no impact on their business at the time of the survey. However, only 13 percent expect to remain unscathed over the next three months, and 48 percent expect high or very high impacts on their businesses due to the coronavirus.
The majority (64 percent) of respondents are very concerned about an economic recession caused by the coronavirus. Furthermore, only 5 percent believe their projects have insurance coverage to help them mitigate the impacts of the coronavirus, and only 7 percent believe their businesses do.
According to Dodge, about half (47 percent) of survey respondents expect jobsites to be closed for an extended period of time and, of those, 51 percent believe their companies will face serious concerns about the viability of their business if the shutdowns go on as long as three months.
About one in five (18 percent) have concerns about their business surviving a shutdown of even one month. In total, 32 percent of respondents believe their businesses are at risk if shutdowns extend up to three months.
In addition, 55 percent of respondents are concerned about transmission of the coronavirus between workers indoors, and 51 percent are concerned about transmission of the virus on sites.
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