While the coronavirus is having a pronounced short-term impact on business, a majority of residential construction experts surveyed by Fixr believe business will return to normal in the near-term future. Fears related to coronavirus have caused many states to issue shelter-in-place orders and mandate the closing of non-essential businesses. While the construction industry has been classified as essential in a majority of states, contractors are still reporting project delays and the permitting and inspection process is being slowed.
Nearly two in five respondents indicated to Fixr that projects have slowed down, with 31% of respondents indicating that there has been a significant interruption in their work. Fewer than 10% indicated work has stopped completely and only 23% of participants said there has been no interruption to projects. Around one in five respondents said clients are stopping their projects indefinitely as a result of the coronavirus.
While projects are being delayed, a majority of respondents told Fixr that the delivery of materials and supplies have not been majorly impacted by the coronavirus. Additionally, nearly two-thirds of respondents believe business will return to normal shortly. Only one-third of respondents reported being “very concerned” about how the coronavirus pandemic will impact business and the state of construction industry in the long-term future.
Fixr generated data for its report from the responses of 35 industry experts on questions relating to business impacts and projections for the future. The data was collected and reported prior to the close of business on March 30.