Grassi, an accounting and tax service company serving the construction industry, on July 29 revealed its 2021 Construction Industry Survey, developed by the firm’s Construction Practice and advisory board.
The latest survey of more than 100 subcontractors and contractors — more than 75% of which have at least 20 years in the business — was conducted in April and May of this year, and designed to uncover the industry’s current trends, outlooks and state of COVID-19 recovery.
Highlights of the 2021 Construction Industry Survey findings include:
- The top challenges of 2020 reported were delayed, closed or canceled jobs (81%), decreased overall revenues (53%) and challenges in the competitive bidding landscape (46%).
- Among the biggest areas of success and opportunity in 2020 were receiving a Paycheck Protection Program loan (79%) and improving work-from-home capabilities (57%).
- Looking forward, the majority of respondents anticipate a full recovery of the construction industry sooner rather than later, with 22% predicting it in 2021 and 46% expecting full recovery in 2022.
- Optimism is seen in predictions for federal funding, with 61% expecting the Biden administration’s infrastructure plan to infuse much-needed dollars into the sector within the next 12 months.
The survey was co-sponsored by four local industry associations: the Subcontractors Trade Association, the Long Island Contractors Association, the New York Building Congress and the Association of Wall-Ceiling & Carpentry Industries.