The construction industry is cyclical, riding the ups and downs of economic trends. When 2020 began, the industry was on the upswing. Many large contractors were confident that they could ride out any possible downturn that may come along, using large backlogs to get them through possible future tough times.
But the current COVID-19 pandemic is unlike anything the industry has experienced in generations. There was no warning. Rather than markets tapering off due to economic troubles or even natural or man-made disasters, the epidemic hit hard and fast, leaving a heretofore healthy industry in chaos.