Coronavirus (COVID-19) - Construction sector impact - 04 August 2021

Globaldata's report on the impact of COVID-19 on the construction sector includes detailed coverage of the construction market analysis, COVID-19 impact, and sector insight summaries among others.

COVID-19 has spread to over 198 countries with a total of more than 194 million confirmed cases and over 4 million deaths. The number of confirmed cases is the US is over 34 million, with cases again rising after a sustained period of decline. As in many other countries, most new cases are of the Delta variant, with hospitalizations also on the rise (97% of those admitted are unvaccinated). Total COVID-19 vaccine doses administered has now surpassed the total number of confirmed cases, with a total of over 2.9 billion single vaccine doses administered. China leads in the total number of vaccinations, while Canada leads amongst top economies in the percentage of the population that has received at least one dose of the vaccine.

A concrete summary of the impact of COVID-19:

• Hiring prospects appear to have been gradually improving since April 2021
• Nearly 45% of employees report an increase in productivity during WFH
• Most offices will return to at least 50% capacity in the next six months
• 3 in 10 employees prefer to visit their office daily after the pandemic
• Technology will continue to change the way we work over the next three years
• Artificial intelligence is driving change in working practices
• Most respondents continue to work from home full-time

Access sector insights:

• Despite the huge stimulus packages, sharp cuts in interest rates, and other unprecedented policy measures across all major markets, the construction industry is likely to be subdued beyond the immediate period of lockdowns and other containment measures. Generally, the construction industry will be heavily affected by the expected widespread disruption to economic activity and a likely drop in investment, with planned projects being delayed or cancelled

• The leisure and hospitality sector will take time to recover from the devastation caused by the demise of the travel and tourism industry, and although plans for new retail buildings and office space might not have been completely derailed, changes in consumer behavior and remote working practices could result in a re-examination of planned projects

• Spending on energy and utility projects was impacted by global supply chain disruptions and low oil prices. However, governments and public authorities will likely advance spending on power and utility projects, and the recovery in oil prices will provide support

Download our free report for more detailed insights on the impact of COVID-19 in the construction sector.