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Impact of COVID-19 on Construction Industry Market Outlook And Forecast To 2031

The novel coronavirus (COVID-19) pandemic has had a significant impact on the construction industry. The most immediate effect has been the shutdown of construction activity in many jurisdictions around the world in an effort to contain the spread of the virus. This has led to a sharp decline in construction output and a rise in project cancellations and delays.

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Key Trends

The COVID-19 pandemic has had a significant impact on the construction industry. The most immediate effect has been the slowdown of construction activity due to the lockdown measures implemented by governments around the world. This has led to a decrease in demand for construction materials and products, and a corresponding decrease in prices.

The decrease in activity has also had a negative impact on the employment levels in the construction industry, with an estimated 9.5 million construction workers globally expected to lose their jobs in 2020.

The pandemic has also accelerated the adoption of digital technologies in the construction industry.

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Key Market Players:

  • Bechtel Group
  • Balfour Beatty
  • Group ACS
  • China State Construction Engineering Corporation Limited
  • L&T Construction
  • PCL Construction Enterprises
  • Skanska Construction
  • VINCI
  • TechnipFMC

Key Drivers

The outbreak of COVID-19 has had a profound impact on the construction industry. The most immediate and visible impact has been the slowdown of construction activity in many parts of the world as a result of the pandemic. The construction industry is highly dependent on a large and mobile workforce, and the outbreak of COVID-19 has led to a significant disruption in the supply of labor. In addition, the pandemic has had a significant impact on the demand for construction, as the economic slowdown has led to a decrease in demand for new construction projects. The combination of these factors has led to a sharp decrease in construction activity in many parts of the world.

The impact of COVID-19 on the construction industry is expected to be long-lasting. The slowdown in construction activity will lead to a decrease in demand for construction materials and equipment, which will have a ripple effect throughout the construction supply chain. In addition, the economic slowdown is expected to lead to a decrease in investment in new construction projects, which will further reduce demand for construction services. The long-term impact of COVID-19 on the construction industry is expected to be significant, and the industry is expected to take several years to recover from the pandemic.

Market Segments:

By Type:

  • Residential
  • Non-Residential
  • Heavy & Civil Engineering

By Region:

  • North America
    • The U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France

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