With unemployment already skyrocketing resulting from first shocking wave of Covid-19, ongoing second wave is being considered more alarming and deadly. Businesses’ (especially the ones being labor intensive) sufferings are getting worst than ever with every passing day. Among others, Construction Industry is no exception. In fact, once enjoying the status of turbocharged business growth, Construction Industry today is going through really tough times and if the pandemic not gets controlled, situation will become even more troublesome.
At the time of first wave, from local to global level, Construction Industry like other industries had so many projects going on with a lot more in the pipeline. Revenues were getting generated and workforce was being paid. Yet, gradually, with the closure of construction activities because of lockdowns, the gap started widening between income and expenses, revenues and cost of employees and employers respectively.
Construction industry advisors and experts have figured out that the industry is going to have long lasting negative impact in case the situation not improves. The devastating impact of pandemic on construction business is expected to continue even in 2021 with four major challenges including reduced construction spending, non-availability to expensive availability of imported raw material, decline/ stoppage of ongoing and planned construction project and hike in unemployment.
Take the case of US economy. With multibillionaire construction projects either getting withheld or being cancelled at state level, future of the industry appears quite unpredictable. Where 10 states including Vermont, Michigan, New York, Pennsylvania and Massachusetts are facing worst construction employment losses due to projects’ cancellation, then at the same time, another 10 including South Dakota, New Mexico, Hawaii and Utah have been the least affected ones. The facts are shocking as to why it is so.
In the particular context of Hawaii’ construction industry, it has shown no significant downfall in unemployment during the tough phase of pandemic but has aggressively regained energy to fight back the calamity. What unique it has been doing to keep the construction industry energetic and economy healthy really deserves appreciation. It took the pledge to keep Hawaii’s construction industry live and active by positively contributing to the economy. Since so many construction projects were on going at the time of first wave, shutting down project and terminating employees could have resulted in worst economic downturn rather the industry, reflecting its seriousness, together with 150+ contractors, engineering firms and labor unions formed GCA Covid-19 Task Force that pledged to make all viable steps to avoid Covid-19 spread at Hawaii’s construction sites rather going the other way round.
Among others builders, Nan Inc profile is also notable because of fulfilling its part of the commitment towards stability of Hawaii’s Construction Industry in times of crisis. By setting an astounding example of commitment to care, Hawaii’s Construction Industry has proved that together they can make a difference.