There are many aspects of the construction industry that have been impacted by the COVID-19 pandemic. Construction companies have been confronted with new concerns around worker safety; their clients are pulling out of projects or, at the very least, delaying them; some local and state governments have ordered a halt to most construction activity; and many contractors and subcontractors are trying to figure out how they will meet their financial obligations until work ramps up again.
These unprecedented times also have raised questions about what kind of relief contractors might find in their construction agreements from issues related to the pandemic. Click here to read the entire article.
Survey Shows Contractors Concerned About Longer-term Impacts of COVID-19 Crisis
In order to better understand the degree of impact and biggest concerns that the construction industry has about the COVID-19 crisis, Dodge Data & Analytics conducted a survey of 172 contractors across the U.S. from March 19 to March 31. The results of that study, published in the Keeping Business Going in a Time of Crisis: Findings from the Dodge Contractor Panel Study on Contractors’ State of Business During the COVID-19 Outbreak white paper, reveals that most contractors are feeling at least some impact from the crisis, with the worst impact expected to be felt within the next three months.
Two-thirds (67%) of the contractors surveyed reported that they are currently experiencing project delays due to COVID 19. Click here to read the entire article.
SkillSignal Compiles Multiple Sources’ Guidance on Construction COVID-19 Protection
SkillSignal compiled a workbook full of guidance on how construction operations can protect people on job sites from coronavirus transmission.
The document combines CDC and OSHA requirements with best practices, recommendations and practical direction gathered from articles, online resources and from countless conversations with experienced construction professionals. SkillSignal interviewed safety professionals from Lear Corporation, the New York Building Congress, Associated General Contractors of America and American Society of Safety Professionals. Click here to read entire article and to download the guide.
CISA RELEASES VERSION 3.0 OF GUIDANCE ON ESSENTIAL CRITICAL INFRASTRUCTURE WORKERS DURING COVID-19
WASHINGTON– Today the Cybersecurity and Infrastructure Security Agency (CISA) released version 3.0 of the Essential Critical Infrastructure Workers guidance to help state and local jurisdictions and the private sector identify and manage their essential workforce while responding to COVID-19. CISA’s original guidance was released on March 19, 2020 and version 2.0 was subsequently released on March 28, 2020.
“CISA continues to work with our partners in the critical infrastructure community to understand what’s needed to keep essential functions and services up and running,” said Christopher Krebs, CISA Director. “Based on feedback we received, we released version 3.0 of the Essential Critical Infrastructure Workers Guidance, which provides clarity around a range of positions needed to support the essential functions laid out in earlier versions. As new or evolving challenges emerge, we are looking at what kind of access, personal protective equipment, and other resources workers need to continue performing essential duties in a safe and healthy way.” Click here to read the entire article.
During times of great uncertainty and upheaval, workers look to their leaders for a sense of security and resolve.
Occupational safety and health (OSH) professionals play a key role in helping their organizations navigate changing workplace realities during the COVID-19 pandemic. Click here to read the entire article.
Perhaps the hardest part of the COVID-19 pandemic has been the uncertainty – not knowing what will happen next. The rapid spread of the virus that resulted in essentially locking down the U.S. is unprecedented in our lifetimes, and the inability for even the experts to predict the human toll and economic outcome causes stress and fear for everyone.
Because none of us can control the outcome, you must try to control those things you can.
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It should come as no surprise that the COVID-19 global pandemic hasn’t impacted all industries equally. Some businesses, including department stores, traditional restaurants and childcare centers, have suffered devastating losses as a result of stay-at-home orders and social distancing protocols; others, such as food delivery businesses, digital advertising agencies and subscription services, are experiencing unprecedented surges in sales.
Unfortunately, the construction industry has been disproportionately impacted by the crisis. Normally, the early spring is an exciting period in which contractors are building crews and doing a lot of planning for the busy season—but COVID-19 has changed everything. Price increases and project delays are becoming commonplace, and in some cities, such as Boston, construction projects have been banned altogether. Click here to read the entire article.
Liquidity describes the degree to which an asset or security can be quickly bought or sold in the market at a price reflecting its intrinsic value. In other words, liquidity is the ease of converting an asset into cash (per Investopedia). Liquidity is important to a business, especially in a time of crisis. No one expected a pandemic like the coronavirus (COVID-19) to have such a large impact on the U.S. economy. Contractors with a financial plan to handle a crisis will fare better than those without one. What contractors have all learned from this experience is that one thing can quickly change the course of the future.
Contractors that are highly liquid have a better chance of managing the financial constraints of this pandemic than those that are not. They will be able to turn their assets into cash faster for their true value. Low liquidity assets may be harder to sell for their true values. Most common examples of liquid assets are cash, certificate of deposits, marketable securities, short term loans, accounts receivables, bills receivables, stock, government bonds and promissory notes. Non-liquid assets include real estate, materials, equipment, collectibles and retirement accounts. Click here to read the entire article.
The novel coronavirus (COVID-19) has had a major impact on organizations and operations across all industries—construction is certainly no exception. As construction executives grapple with the unprecedented impact COVID-19 will ultimately have on their businesses, a great deal of uncertainty remains. Many question marks still exist around the ultimate scope of the pandemic and what recovery will look like in the construction sector and the economy at large.
From a risk management perspective, these uncertainties make planning for the future particularly challenging. Yet the recent Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law on March 27, offers a glimpse at the future in terms of what relief will be available and opportunities for new projects in a post-coronavirus world. The $2 trillion act is the largest relief package in U.S. history, and the third stimulus effort dedicated to combatting the economic impact of COVID-19. Click here to read the entire article.