From All Systems Go to Deep Recession in 1 Month, Reports ABC

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Associated Builders and Contractors Chief Economist Anirban Basu warned the economic recovery following the COVID-19 outbreak would be quite different for the nonresidential construction industry compared to previous recessions, according to a recently published economic outlook. Normally, construction backlog, which stood at 8.2 months in February, according to ABC’s Construction Backlog Indicator, safeguards the nonresidential construction sector from the early stages of economic downturns, making it the last segment to enter a recession. However, given project shutdowns in parts of Pennsylvania, Massachusetts and California, as well as social distancing and other health requirements, that hasn’t proved true. “Projects are being … Read more

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Nonresidential Construction Spending Falls Slightly in March, Says ABC

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National nonresidential construction spending fell 0.1% in March and is up 2.0% compared to the same time last year, according to an Associated Builders and Contractors analysis of data recently published by the U.S. Census Bureau. On a seasonally adjusted annualized basis, spending totaled $802.6 billion for the month. Among 16 nonresidential subcategories, 12 experienced a decline in spending on a monthly basis. Private nonresidential spending fell 1.3% from February, while public nonresidential construction spending increased 1.6%. “Today’s data release answers precious few questions,” said ABC Chief Economist Anirban Basu. “The great debate has been whether the combination of pre-existing … Read more

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General Contractor Shares Best Practices in Unprecedented Coronavirus Crisis

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Like countless other companies, Gilbane, Inc. has been working hard to ensure its people are informed and prepared to take care of themselves and their families during this coronavirus pandemic and through this time of need. The company is continuously monitoring updates from the Centers for Disease Control on the COVID-19 virus and following guidance from local authorities and, while every individual should assess their own risks and plan accordingly, the following are best practices Gilbane is taking to actively address the outbreak of COVID-19 across the global family business: Communicate and follow CDC guidelines to prevent the spread of … Read more

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