Anirban Basu, chief economist for Associated Builders and Contractors, said the new results reflected a number of impediments that have materialized for construction this summer that are likely to last for some time.
“The Dodge construction starts data indicate that tighter credit conditions, challenged state and local government finances and profound levels of economic uncertainty have already begun to negatively impact construction spending,” Basu said. “Unfortunately, circumstances facing the average contractor are likely to deteriorate further as the pandemic lingers and as complete economic recovery proves elusive.”
