Construction output in North American may decrease by as much as $122bn in 2020 as a result of the economic shock of Covid-19. 0.6% increase in construction output was predicted across North America before the pandemic, but this is now expected to fall by about 6.5% in the US and 7% in Canada.
Dariana Tani, economist, said in a press statement: “Even though in most parts of the US and Canada all construction sites are allowed to carry on with their operations, an increasing number of projects in the bidding or final planning stages are being delayed or cancelled due to the uncertainty surrounding the economy as well as concerns that construction workers are being exposed to the virus.
“Moreover, the closure of businesses across the region thanks to the enforced stay-at-home measures and the resulting surge in unemployment levels could see real GDP plunging by as much as 6.2% in Canada and 5% in the US this year.”