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Impact of COVID-19 on construction businesses and productions
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November 2020
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Description:This issue focuses on the economic impact of COVID-19 on the construction industry through September 2020, examining construction spending, new residential construction, and the well-being of small businesses. Key Findings: 1. U.S. GDP dropped 31% in the second quarter of 2020 and increased 33% in the third quarter, the largest quarterly fall and rise ever recorded. 2. Residential construction was hit harder than other construction subsectors: spending dropped by $49.5 billion from January to May and surged by $71.3 billion from May to September. Over 60% of the fluctuation was in single-family home construction. 3. The impact of COVID-19 on construction businesses reduced after lockdowns lifted, with 16% reporting a large negative effect in October compared to 33% in April. 4. Construction businesses with less than five employees were more likely to report a large negative effect of COVID-19, yet less likely to receive federal financial assistance.
DataBulletin-November2020.pdf
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