The Latest Wave of COVID-19 Is Not Great for the Construction Industry
The Coronavirus pandemic that began in early 2020 has affected every industry in the United States in some way or another. According to Construction Dive , this latest wave of COVID-19 infections is significantly disrupting the construction industry, and that the negative effects are continuing to snowball as the pandemic slogs on. If you’ve been injured on the job as a construction worker – or in any kind of accident caused by someone else’s negligence – you need the professional legal counsel of an experienced NYC personal injury attorney on your side.
The Difficult Consequences
New York City is one of the areas hit hardest by the global pandemic, and it – along with the rest of the nation – is seeing an uptick in cases. NYC is a bustling city where construction seemingly never sleeps, but COVID-19 is putting a damper on this. Consider the following statistics forwarded by Construction Dive:
- The pandemic’s second wave is rattling through construction operations, and the negative consequences are intensifying.
- An increasing number of contractors are reporting that they're experiencing more canceled projects than they are receiving new project starts. In fact, 75 percent of contractors have had scheduled projects called off entirely or pushed out to a later date, which is up from the 60 percent rate in August and the 32 percent rate in June. This is in contrast to the 23 percent of contractors who report taking on new or expanded work.
- It’s clear that the ongoing pandemic is stemming new-project demand, throwing a wrench into supply chains that are vital to growth, and generally downgrading the construction industry’s overall financial outlook.
- There has been a slew of shutdowns in high-profile, high-dollar projects (before they reach completion) across the nation, which doesn’t bode at all well for the industry in general.
- The effects have been most profound for the largest construction companies. For construction companies with revenues of $500 million and above, 88 percent report experiencing canceled or postponed jobs, while 73 percent of firms that report revenues of $50 million or less have encountered similar disruptions and cancellations.
- Supply chain problems and material shortages are contributing to delays in those projects that have remained open. About 78 percent of construction companies have experienced delays in COVID-19’s second wave, while about 57 percent reported similar delays and shortages in June.
The general consensus is that investors are pulling back and taking a wait-and-see approach to help ensure that the economy is consistently moving in the right direction before jumping back in with gusto.
An Experienced New York City Personal Injury Attorney Can Help
If you’ve been injured on the job as a construction worker – or in any kind of accident that was caused by someone else’s negligence – the accomplished personal injury lawyers at Lipsig, Shapey, Manus & Moverman have been proudly serving NYC for decades and are here to help you, too. Our intrepid legal team has the fortitude and legal finesse to skillfully advocate for your claim’s best possible resolution. To learn more, please don’t hesitate to contact or call us at 212-285-3300 today.