Construction spending plummets in worst downturn on record
On: July 31, 2020 | By:
Although the construction industry has generally continued working throughout the COVID-19 pandemic, new figures released Thursday show contractors are not immune to the economic fallout from the coronavirus pandemic.
The U.S. economy contracted 32.9% in the second quarter of 2020, marking the largest economic downturn on record. Although contractors haven’t stopped working during the pandemic, figures released by the U.S. Bureau of Economic Analysis and analyzed by the Associated Builders and Contractors on Thursday show the industry suffered along with the rest of the economy.
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