As the COVID-19 pandemic crisis continues, economic consequences are being felt throughout the world, and the construction industry is no exception.
“For the last five to six years, [annual] construction cost escalation has consistently been in the range between 4% and 5% with occasional spikes higher,” says Julian Anderson, president of Rider Levett Bucknall. COVID-19 “has clearly impacted the bidding strategies of contractors and subcontractors.”