Construction companies have had a tough year, with so many projects put on hold because of the pandemic. As things start to get open again, one thing which is clearly apparent is that construction companies are going to have to change their approach if they are to survive. So what exactly would the the construction companies have to change in order to come out of this pandemic with strength? We caught up with the owner of Canbec Construction to find out what steps they were looking to take for the future, which will ensure that they are able to stay in business.
Types of Jobs
Going forward there is going to be a big shift in terms of the times of types of projects that these companies take on. For example there is going to be a much bigger shift towards residential projects rather than commercial. We have seen so many companies which have pulled back on big plans which they had, because they simply don’t have the money which they thought they would have. Commercial construction companies are certainly going to be focusing on residential projects in the future.
Hiring of Staff
Another change which we can anticipate is that there will be a great deal more construction workers who are only contracted based on the project, they will not be on the payroll, but paid by the job. Construction companies cannot afford to pay for full time staff if they do not have the projects lined up. This will not be great for those workers of course but it is a natural step which must be taken.
Many companies are going t have to relocate in order to keep their businesses going. There are still some areas of the country which are going to be seeing funding come in for construction projects, but it may very well the case that the construction companies will have to go to the project, even if that means moving their entire operation.
Light at the End of The Tunnel
There is a great incentive out there for any construction company which is able to maneuver well and stay in business. Once we get through the next year to 18 months, it is highly likely that we are going to be in a very buoyant position. This means that there will be renewed investment in businesses and in real estate projects, we can expect to see money being generated like we haven’t see for a while, and that is going to be spent on infrastructure and many more projects. If construction companies are able to hang on, they are going to be very well rewarded in the future.
Now is a tough time of course, thankfully there will be many projects which have already been fully funded, and they will help many companies to bridge the gap until they can get moving again. There is no doubt however that this is a very challenging time.