Normally this time of year the construction industry is bustling. Unfortunately the COVID-19 global pandemic has brought some of that to a halt. Most materials used in the construction industry are mass produced overseas, especially China. According to this Construction Executive article, China has reduced its manufacturing sector roughly by 30%.
Below are some tips or ideas for contractors:
- Take control of cash
- Develop a 12-month survival plan
- Cut out non-essential expenses
- Strengthen customer relationships
- Be empathetic towards customers and employees
Click here for more information on ways to survive in the midst of this pandemic.
If you need assistance with drafting notices regarding delays, or other advice regarding the effects of COVID-19 on your business or project, please contact Anderson Jones attorneys attorneys Todd Jones or Lindsey Powell by email or (919) 277-2541.