Marcum’s inaugural National Construction Survey asked construction contractors to share their highest priorities for the next year. Strategic planning, finding solutions for skilled labor, and organizational planning top the list.
Responses to the survey were coming in just as the coronavirus pandemic broke in the U.S., and the industry accountants and advisors were able to segment the tabulations to show pre-pandemic and post-pandemic results that indicate some interesting ways the crisis is affecting contractors’ outlooks. Download the complete results here.
Notable differences in pre- and post-pandemic business priorities were found in organizational planning and strategic planning. There was more than a 10% increase in the number of post-pandemic respondents who chose these categories as top priorities.
Managing material vendors was chosen by 8% more respondents post-pandemic since ensuring dependable supply will be critical moving forward.
Marcum’s report on the survey stresses, “The contractors who are successful in the post COVID-19 environment will have successfully implemented safety practices (staggered workforces, sanitization, employee protection and support), diversified their supply chains, and addressed contract language. Those that make these changes will reap the benefits of being trusted by property owners, lenders and insurers to take on new work in the coming months and years.”
As one survey respondent summarized, “The impact of COVID-19, the stimulus package, and the election will have a major impact on the future of small business.”