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In the article, Tomassetti from Asset Realty & Construction Group emphasizes that even though 2020 has taken a toll on construction throughout the country, New York City remains extremely resilient. This is because the Big Apple is currently consumed with its backlog in construction projects, coupled with its current workload.
Still, according to Tomassetti, New York City must balance everything out to stay ahead in the construction industry. For instance, industry players should take into consideration that the pandemic has negatively impacted higher education, retail, residential high-rise, commercial office, and hospitality real estate. However, some sectors have demonstrated significant growth in 2020, including warehousing for last-mile product delivery, data centers, logistics, advanced manufacturing, and the life sciences. For this reason, these sectors may be wise to target in the construction industry going forward, according to Tomassetti.
Tomassetti further explains in the article that people who are currently moving forward with construction projects can benefit from today’s competitive construction bid environment. Right now, subcontractors are focused on securing extra backlog to keep them working well into the future. Thus, New York City has experienced heavy competition for construction project contracts and, in turn, some riveting award numbers.
At the same time, the construction industry continues to experience a qualified labor shortage. In fact, the current pandemic has only exacerbated this shortage, according to Tomassetti. As a result, many construction managers, general contractors, project management companies, and developers are constantly seeking extra field staff.
Nonetheless, Dino Tomasetti, Jr. explains in the article that the New York City construction market should experience an increase between 2020 and 2022, so the future of construction remains promising in the Big Apple.
Disclaimer: The news site hosting this press release is not associated with Dino Tomassetti Jr or Asset Realty & Construction Group. It is merely publishing a press release announcement submitted by a company, without any stated or implied endorsement of the person, information, product or service.
