The Impact of Covid-19 on the Construction Industry

The Impact of Covid-19 on the Construction Industry

Since March 11, 2020, the world has dealt with a global pandemic caused solely by the coronavirus. Economies worldwide have received shocks, the stock market has suffered, and virtually all sectors have seen considerable damage. Nonetheless, the world is standing.

The construction industry, like every other industry, has been affected by the pandemic. Companies have been trying to restructure and balance their revenue scale and put themselves back on the world’s fiscal map. With supply chain flexibility and business continuity, this industry has been pivoting relatively well, considering the circumstances it has had to deal with for close to a year. As harsh as news outlets have painted it, the construction industry seems not to have suffered as much compared to many other sectors in terms of losses made. This does not, however, rule out the fact that there have been losses.

COVID-19 and the Construction Industry

With a global market shrinkage of about USD 650.6 billion from 2019 to 2020 amidst the crisis, the construction industry’s most pressing issue is the current slow and, in some cases, completely halted supply chain. This has led to a lack of necessary products and equipment for work. Confranted with this predicament, Mikem is striving to fill the gaps and ensure that construction projects can progress smoothly.

The material production industry has suffered from governmental policies enacting lockdowns that have kept workers at home. The halt in business has left warehouses empty and machines off for extended periods. This, in turn, has led to the standstill of construction projects, retraction in material investment, and unfavorable changes in many other areas that affect the construction industry’s growth. However, we have been working hard non-stop to ensure a continued flow of construction materials.

The impact of exposure on health and safety is also a question plaguing construction workers’ minds as some are not yet ready to go to work. The construction industry relies hugely on its human resources. With this hanging over the heads of employers and employees, some companies have had to dismiss workers from their jobs while some employees quit their jobs to stay safe. To deal with this, however, most of companies have resorted to performing risk assessments and transference initiatives with insurance and other necessary solutions to balance out their financial portfolios.

In summary, it’s safe to say that the construction industry is weathering the storm and recovering quickly from the impacts of the pandemic.

Mikem Solution

At Mikem, there is no cause for alarm as things are moving quite steadily. Although the pandemic has taken its toll on the availability of raw materials, we have been working consistently since April to ensure that there are no significant alterations to the supply of our cellulose ethers products and RDP products. And as we experience a gradual return to normalcy, remember that Mikem is always here to support you to get out of this trouble. Our technicians are available to answer any questions you have at any time and provide you with tailor-made formulations and customized service. Contact us today to see what we can do for you.

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