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AGC Webinar Notes – March 20th

On Friday March, 20th The Associated General Contractors of America held a webinar to discuss the current impacts of the COVID-19 pandemic and also to offer some insights for firms as the situation moves forward. The main takeaway’s from the session include:

  • There have been significant short term impacts on the industry including:
    • Disruptions to current work due to missing deliveries, workers, government approvals/inspections/etc.
    • Reduced/missed payments by financially distressed owners
    • Owners deferring/canceling scheduled projects
    • Difficulty obtaining firm commitments for deliveries, workers, approvals for upcoming projects
  • Long term, companies should expect:
    • A slower rebound in construction than for other sectors as owners, consumers await certainty and repair of balance sheets
    • Cutbacks in public budgets other than virus aftermath/preparedness work
    • Reduction in the number of construction firms due to reduced work, cash flow
    • Possibly less demand than pre-crisis for offices, lodging, large sports and entertainment facilities
  • On a positive note, there will be increased demand for projects critical to virus response, hospitals, lodging, etc…
  • Lower costs fuel & other commodities will boost cash flow for those still working.

You can view the full recording here:

Link To Webinar Slides