Uncertain. That’s the consensus among regional contracting leaders in describing the post-pandemic economy. Short-term uncertainty. Even more uncertainty, coupled with optimism, for next year.
Current forecasts are not encouraging. AIA says nonresidential spending will decline 8% this year and another 5% in 2021. Construction employment increased by an anemic 20,000 jobs nationwide in July, with gains limited to the housing sector, the Labor Dept. says. And the Dodge Momentum Index has dropped 18% since December.