Construction loan delinquencies at US banks climbed 23.8% during the first quarter of 2020 as the COVID-19 pandemic forced developers to shut down or delay projects, according to Standard & Poors' Global Market Intelligence Report.
Delays in some projects were also prompted by government-mandated work stoppages, although lenders said in earnings calls that they were still able to muscle through the downturn.
The pandemic-driven construction loan delinquencies translated to $3.67 billion, according to S&P Market Intelligence data.
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R. Robin McDonald
Daily Report reporter R. Robin McDonald's journalism career includes stints as a staff writer at The Atlanta Journal-Constitution, The Fort Worth Star-Telegram, The Wichita Eagle, and The Anniston Star and as a trial tracker at CourtTV and CNN. She is the author of two true crime books -- Black Widow: The True Story of the Hilley Poisonings and Secrets Never Lie: The Death of Sara Tokars.
