Steel Markets
May 9, 2020
AGC, Procore Studies Show Impact of COVID-19 on Construction
Written by Sandy Williams
A new survey of construction firms by the Associated General Contractors of America shows that two-thirds of firms have reported project cancellations or delays due to concerns about the pandemic or future funding. Fewer construction projects equal more job losses; 43 percent of firms surveyed reported staff cuts between March and May.
Construction employment fell by 975,000 jobs in April, nearly 13 percent of the industry’s employment, according to the latest analysis of government data by AGC. April was, by far, the worst one-month decline on record, said AGC Chief Economist Ken Simonson. He added that unemployment among workers with recent construction experience soared by 1.1 million from a year earlier, to 1,531,000, while the unemployment rate in construction jumped from 4.7 percent in April 2019 to 16.6 percent.
