Originally published in Constructor

By Shane Brown and Laura Claeys

After a decade of strong economic conditions, many construction executives had started to think seriously about a downturn.

But no one saw the coronavirus coming or its downward thrust on the economy, which could deliver an even sharper short-term blow to the industry than the 2008 recession.

As with many business sectors, the construction industry today feels very different than just a month ago. Projects all over the country have been thrown into doubt, both for financial reasons and over concerns that work sites could help spread the virus.

States have taken differing views as to whether construction projects are “essential” when shelter-in-place regulations are instituted.

Best-in-class contractors have been very active with their local construction associations to influence state “essential” definitions.

In addition, companies are juggling numerous priorities as they wrap their heads around the COVID-19 crisis, including the implications of complex state and federal economic rescue measures, retaining their workforces and managing cash flow for what could be an extended slow down or stoppage.

This is a stressful time, but it’s important not to panic. The best approach is to make a full-spectrum assessment of the business in light of the changed environment and take steps to improve readiness for different outcomes.

Read the full article in Constructor.