Grassi Reveals Findings of 2021 Construction Benchmarking Survey
New York, N.Y. – July 29, 2021 – Grassi, a leading provider of advisory, tax and accounting services for the construction industry, has revealed the finding of its latest survey of New York-area contractors and subcontractors.
Designed to uncover the industry’s current trends, outlooks and state of COVID-19 recovery, Grassi’s 2021 Construction Industry Survey was developed by the firm’s Construction Practice and advisory board, which consists of industry leaders from across the tri-state area. The survey was co-sponsored by four local industry associations: the Subcontractors Trade Association, the Long Island Contractors Association, the New York Building Congress and the Association of Wall-Ceiling & Carpentry Industries.
Highlights of the survey findings include:
- The top challenges of 2020 reported by the most respondents were delayed, closed or canceled jobs (81%), decreased overall revenues (53%) and challenges in the competitive bidding landscape (46%).
- Among the respondents’ biggest areas of success and opportunity in 2020 were receiving a Paycheck Protection Program loan (79%) and improving work-from-home capabilities (57%).
- Almost half (46%) of those surveyed predict a full recovery of the construction industry in 2022.
The findings also reflect respondents’ views on the federal infrastructure bill, labor concerns, long-term challenges of COVID-19, technology opportunities, payroll provider satisfaction and more.
The survey was conducted by an independent research firm. All individual responses were confidential, and results were tabulated and reported in the aggregate.
A full copy of the comprehensive benchmarking report can be downloaded here.