Construction Community COVID-19 Impact Report July 7, 2021This study is part of KatzAbosch’s ongoing commitment to conduct and share timely information to construction companies and the professionals who manage them. To get a sense of how construction companies are responding a year after the pandemic we reached out to our clients and contacts and invited them to participate in our peer survey for a second time.The goal was to provide general benchmarking data to help reinforce operational best practices and highlight planning opportunities to allow your company to thrive. This report is a continuation from last year.COVID-19 Construction Industry Outlook The graph to the right represents three themes which emerged from last year’s survey. This year’s survey made sure to evaluate these areas again. These subjects will be reviewed in further detail throughout the report.Cash FlowUnknown future conditions and unanticipated growth may be the cause for the long-term worry around cash flow. We continue to advise contactors to monitor over head and right size their labor force as needed. If you had strong financial statements for 2020, consider asking for an increase in your line of credit to prepare for future growth.LaborThe labor shortage is still a challenge to most contractors, there fore most contractors do not plan to decrease their workforce.SafetyThe concern is still high that current safety strategies will cause a decrease in efficiency and profits.On a positive note, the construction industry has been through economic slowdowns before and has come out stronger as a result. Many companies will find silver linings as they continue to adapt and uncover new and better ways to run their business.Download the full Construction Community COVID-19 Impact Report to learn more about:Cash flow and labor retention outlookInsight on how your peers are recovering from the COVID-19 pandemicHow peers are planning and anticipating for the upcoming months If you have questions or would like additional help, please contact us.Learn more about our construction accounting services.About KatzAbosch: Founded in 1969, KatzAbosch is one of the largest CPA and business consulting services in the Mid-Atlantic region. As an accounting firm, our mission is to provide the highest quality accounting, tax, financial and management consulting services to our regional clients. We understand the needs and challenges of our clients and we have made it our obligation to create, grow and protect asset value. KatzAbosch is consistently named a Best Accounting Firm to Work For in Accounting Today and has been named a Top 200 Accounting Firms in the Nation by Inside Public Accounting. Our firm is also ranked among the Top 15 Largest Accounting Firms in the Baltimore Area by the Baltimore Business Journal and a Top Workplace four times by The Baltimore Sun.