Contractors are still facing aftershocks from COVID-19
It might seem as though the greatest impacts of the coronavirus pandemic are now firmly behind most businesses. However, this might not be the case for contractors who still face a lot of uncertainty and even more losses on the horizon.
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The coronavirus pandemic has certainly put the entire world economy through the wringer. Yet, it’s fair to say that some industries have been hit harder than others and that’s certainly true for contractors. In many places, building contract work ceased completely with many businesses struggling to keep the lights on. Even as the economy slowly reopened, contractors faced difficulty finding work.
Many homeowners are still reluctant to have people working on smaller projects in their homes. At the same time, larger businesses are looking for ways to save rather than spend. As such, they are putting larger building projects on hold for the foreseeable future. One example of this can be seen in Disney World. The company canceled a lot of projects that they originally had lined up to fit with the grand plans for the 50th anniversary of the theme park. They’re not alone and even governments have decided to abandon major projects that have been in the works for years.
Of course, this isn’t the only issue facing contractors. Businesses have struggled to get the supplies that they need with many manufacturers either closing their doors completely or being forced to shut down due to COVID outbreaks. Unfortunately, this has left many contractors clutching at straws, often relying on cheaper materials and poor quality products. The good news is that there are still a lot of suppliers selling on the market with a vast range of materials and building products available from a classic stainless steel balustrade to porous concrete and everything in between. However, these materials might come at a greater cost now as suppliers are making efforts to get back what they lost during last year. This could put contractors under even more pressure than they can’t sustain.
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Another issue that contractors could face is getting the team members that they need. Through 2020, a lot of contractors faced issues as countless team members went off sick after contracting COVID-19. This left many projects getting delayed and ultimately resulted in countless unhappy clients. It’s possible that more contractors will switch to using freelance works shortly. Hiring freelancers comes with various benefits including a more flexible employee model. As well as this, business owners will be able to quickly replace staff that is ill and ensure that it doesn’t impact a particular project that is being kept to a tight deadline for a key client.
It’s clear then that there are a lot of challenges for contractors on the horizon and it’s debatable whether they will be able to handle them all with ease. Particularly when it’s likely that we haven’t seen the last of national and local lockdowns that left many contractors unable to find work and without the full level of support that they need from the government.
