Post Covid-19 Construction Industry Boost

There is still uncertainty of COVID-19’s effect on our economy in the long term. The construction industry was at an complete standstill, with complete shutdowns, employee/contractor furlough, and finances stretched to near zero. The construction industry needs to find new and innovative ways of operating. As industry adapts and innovates, will we see a construction revival and potential boom in the post-COVID world.

As construction projects get back on track, all be it scaled down, they will face new challenges. Construction businesses are reporting supply chain disruptions, social distancing measures and rules, and significant restrictions on project budgets. This presents a unique opportunity for organisations to quickly change their processes, we saw similar changes post-2008 financial disruptions.

As we recover we should expect a heavier reliance on technology, remote systems and automation,  drones playing a key part in the industry being more adaptable in the future. Next, we look closer at the possibility of a post-COVID-19 construction revival.

drones in construction

Mobilise, stabilise and return to work.

According to a report from PWC Global, when the pandemic ends, E&C companies will face a new world. The marketplace will change, as some national governments will be eager to invest in infrastructure to jump-start their recovery, and others may face new resource limitations. Portfolios will also change, with both public- and private-sector project owners placing a new emphasis on sustainability and resilience. There has been evidence of this with the UK Governments ‘build build build’ message.

The message is clear from the Government, but how do you gauge your readiness to respond? Supporting construction organisations with their response to the ongoing impact of corona-virus (COVID-19) PWC gathered practical insights and guides together in one place. From updates on what the latest Government response will mean for your business, to podcasts and more on where to focus your strategy over the coming weeks and months.

Potential Challenges

Secure supply in the short term

  1. Tactical scenario planning. Assess levels of inventory, capacity of available resources, and  goods needed to respond to immediate requirements. Develop and analyse scenarios that account for demand uncertainty and potential supply chain challenges.

  2. Secure essential resources. Compile schedules of essential resources, materials, and products required for business continuity. Beware of the less obvious risks further down the supply chains. Plan to mitigate price spikes in the event of a capacity contraction.