Construction in the US is projected to drop by 6.5% this year due to the pandemic, according to GlobalData.
The UK-based data and analytics firm also has forecast a 6.6% fall in construction output for all of North America this year, which is equivalent to a loss of $122.4 billion in projects. Before the coronavirus outbreak, construction in North America was expected to increase by about $12 billion.
Canada is projected to see a 7% decline in construction output "owed in part to the collapse in global oil prices," stated Dariana Tani, a London-based economist at GlobalData.
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Phillip Bantz
Phillip Bantz is a reporter for Corporate Counsel. Follow him on Twitter @PhillipBantz.
