The Associated General Contractors of America and Sage Construction and Real Estate released their annual business assessment for the U.S. construction industry on January 7, 2021, which includes the survey results provided by over 1,300 construction businesses of every size from all 50 states and the District of Columbia.

Their key findings focus on the severe impacts of the Covid-19 pandemic:

  • Unexpected project delays and cancelations
  • Decreased business volume
  • Decreased headcounts
  • Inadequate talent pool
  • Decreased productivity
  • Increased technology investment

The owners and leaders of Colorado construction businesses and the law firms that represent them will face many difficult challenges in 2021, and it is unsure if and when their profitability will return to pre-pandemic levels.

There is no time like the present for the construction and legal industries to take a hard look at themselves and how they do business so they can explore the changes they must consider as they try to position themselves for a profitable future while moving into the beginning of the “new normal”.

The key findings from the full report are covered by Constructor Magazine. The below is an excerpt from the article originally published in Constructor Magazine, the full article can be read here.

“Few firms anticipate adding workers this year, and contractors expect demand for construction projects to shrink in the vast majority of industry segments…”