After 2020 took the world by surprise, we’re all ready for a bit of a return to normalcy. Fortunately, there’s good reason to have hope that the construction industry will experience a rebound in 2021. The current rollout of the COVID-19 vaccine will certainly help get projects back on track, and key industry trends point to signs of regrowth throughout this year.
In fact, according to Construction Dive, 68% of construction executives surveyed after the election stated that the outlook for the construction industry was somewhat or very positive.
Let’s take a closer look at how Construction Dive predicts the industry will bounce back after a tumultuous 2020.
When the COVID-19 pandemic hit, the world was caught off guard. Now, a year later, companies are more prepared to create safer working environments and it’s easier to get ahold of safety equipment like masks and hand sanitizer. With more knowledge about how to set up safe sites—and employees getting access to vaccinations in the near future—it’s anticipated that there will be fewer disruptions to projects going forward.
A Push for More Infrastructure
Since the election, there has been talk on both sides of the aisle about how to push through a comprehensive infrastructure package.
Vice President of Government Relations at the Associated General Contractors of America, Jimmy Christianson, has hope for the multitrillion-dollar infrastructure bill that is currently under discussion, as it “…includes a broad definition of infrastructure, whether it’s surface transportation, aviation, waterfront, Army Corps, civil works, flood control mitigation projects, clean drinking water, renewable energy projects, K-12 public school construction or broadband. There’s a lot in there.”
If the bill passes, this could open up new opportunities in construction and bring in plenty of jobs for contractors.
A Focus on Renewable Energy
Another area of focus for 2021 is building out renewable energy projects, particularly in the form of utility-scale solar projects. As more companies look to promote sustainability and set goals to become carbon negative, look for an increase in solar projects across the country.
Deloitte’s Engineering and Construction Practice Leader, Michelle Meisels says, “The construction industry is under tremendous pressure to improve their energy use. But I also think that construction companies that build capabilities to support green building standards and sustainable efforts by their clients are going to be positioned to thrive.”
While much is still unknown about how the world as a whole will bounce back from the pandemic, there’s plenty of reasons to be optimistic that the construction industry will start to get back on track. Read more about Construction Dive’s predictions for 2021 here.