As we head into summer and COVID-19 restrictions lift in full across the country, many contractors are still seeing a delay in upcoming projects.
Though the Construction Backlog Indicator and Construction Confidence Index levels remain up/high, the continued stress of labor shortages, material prices and availability are still causing delays in nonresidential construction.
Further adding to the delay, many in the industry are anxious and excited about the potential passage of an infrastructure bill that could create numerous jobs in coming years.
The initial $2 trillion deal — set to provide funding to roads, bridges, manufacturing, and more — was supposed to be settled this past Memorial Day. However, it has once again stalled, with Senate Democrats pushing back on the Senate Republicans’ newly proposed $928 billion package.
“The good news,” said ABC Chief Economist Anirban Basu in a recent economic report, “is that the longer-term outlook remains upbeat given the anticipated strength of the economic recovery to come,” especially if the infrastructure plan gets passed.
It’ll still take time for the industry to get back to its previous strength, but we’re on our way, and we’ll continue to adapt and bounce back the way we always have.