I hear from people who argue that I'm being too negative about the future, that real construction market recovery is just around the corner. When contractors assess risk, it's always important not to let optimism about the construction services market cloud what's really taking place. Now that the election is over, we are no closer to knowing when construction markets will rebound than we were before it. Even if the federal government comes to the rescue in the form of more construction spending and stimulus legislation, it still won't be enough to pull markets out of their slide. Increased federal construction spending is needed to replace construction by state and local governments, whose finances are damaged by diminished tax revenue. An even bigger unknown is a COVID vaccine or how the election results will affect its development and distribution, which is critical.
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