Markets in Focus
There were many early concerns that COVID-19 would create substantial pressure on the overall construction industry, but these fears were somewhat quelled when construction was deemed an “essential business” throughout most of the country. This important designation meant that many in the construction sector were not as adversely impacted as other industries such as travel and leisure. Additionally, the construction space was supported by Paycheck Protection Program (PPP) loans, which helped stabilize balance sheets and allowed projects to continue moving forward. However, the global pandemic did result in a shift in project demand that rippled through the construction industry and has created a significant marketplace divergence in residential versus non-residential opportunities.