Transcription of 2021 engineering and construction industry outlook
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2021 engineering and construction industry outlook
N 2021 engineering and construction industry outlook 2021 engineering and construction industry outlook E&C companies adapt to ongoing impacts of the pandemic The US engineering and construction (E&C) industry and hospitality), while others were not able to capitalize began 2020 on a bright note. The construction industry on technology advancements. Most E&C companies added more than $900 billion to the US economy in the continue to face sustained cost and margin pressures. first quarter of 2020 the highest levels since the 2008 Additionally, despite strong order books, companies It employed million people in February are experiencing challenges such as project delays 2020, also the highest levels since the 2008 and cancellations and difficulty in obtaining permits. In Then, COVID-19 reached the US. The industry lost $ addition, increases in procurement cost of materials and billion in GDP, and total jobs decreased to roughly equipment continue to perplex many E&C companies.
2021 engineering and construction industry outlook 3 An uptick in public and commercial spending could improve the outlook for 2021 In March, the pandemic made its presence felt across the E&C industry, causing the Associated Builders and Contractors’ Construction Confidence Index (CCI) to plummet to 38.1.4 By June, however, the CCI rose to 51.1,
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