Last month we commented on how slow the recovery of construction was after the 2009 recession. Structural economic changes after that recession that contributed to the lackluster growth included more offshoring of manufacturing, further decline of brick mortar retail, and the lack of an infrastructure plan. Again, depth and duration are the key but there will again be structural changes after this event. Outside of the period of recovery, we may find ourselves needing less office space (more work from home), less recreation space (fewer conventions), and less retail space. Not only that, but deficits in state and local budgets will cause leaders to look at construction project cuts or postponements to help fill budget gaps.
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