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When the COVID-19 pandemic first hit in early 2020, many fleet managers took a wait-and-see approach, hoping that the year’s construction season would not be lost entirely.
A record 62 cargo ships wait to dock at the ports of Los Angeles and Long Beach as of Sept. 27, stuck floating off the California coast amid a supply chain crunch impacting contractor bottom lines for more than a year.
Labor rates remain relatively steady despite pandemic upheavals, but analysts noted some short-term adjustments to compensation by construction employers in 2020 with ongoing labor shortages continuing to pressure wages.
Worries over price inflation and persistent labor shortages have cooled optimism among construction execs, but overall confidence in the market remains strong.
Following a period of strong recovery, construction activity has begun to cool, largely due to emerging COVID-19 variants, high materials prices, a worker shortage and other challenges.
While demand for experienced construction professionals runs high in many sectors, average compensation remains soft following the uncertainty created by the COVID- 19 pandemic.
The first six months of 2021 have seen big materials cost hikes, increasing labor shortages and uncertainty over federal action on a major infrastructure package.
While price increases in softwood lumber have pushed new home costs higher due to homebuilders’ extensive use of the material, estimators for all other building types have felt the pinch as well.
As the COVID-19 pandemic recedes in the U.S. and restrictions on work and other interactions are lifted, the construction sector’s rebound is underway, with some markets bouncing back faster than others, analysts say.
It happens all too often around a job site. A unique, expensive piece of equipment is requested for a specific job, then after completion, is forgotten about. Each day it sits idly, charging daily fees to the project.