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The COVID-19 pandemic temporarily halted construction work. Now, contractors are rebounding from the pandemic. But their recovery remains slow. And to take the next step forward, contractors must plan accordingly. That way, they can maintain safe, efficient, and productive construction operations. They can also guard against lingering issues relating to the pandemic that can otherwise hamper their businesses’ growth.  
Now, let’s look at three of the biggest problems the pandemic caused for the construction sector, along with ways contractors can mitigate their impact.  

1. Cost Inflation

The Associated General Contractors (AGC) reported bid prices and input costs increased 0.5% and 12.8% respectively since the start of the pandemic. Furthermore, AGC noted the unexpected increase in the cost of materials has reduced profit margins across the construction industry. It also has caused some construction firms to lose money.  
Contractors must evaluate their existing costs and the possibility of a cost increase when bidding for construction projects. This requires comprehensive budgeting and a clear understanding of their business finances.  
In addition, contractors may benefit from earning an MBA. A college or university MBA program can help a contractor develop and maintain an analytical and network mindset. From here, the contractor can take a data-driven approach to manage their business costs. At this time, he or she is well-equipped to find ways to get the most value out of their finances. 

2. Material Shortages

Along with cost inflation, contractors have faced construction material shortages during the pandemic. Research indicates 71% of contractors have faced at least one material shortage during the pandemic. Construction material shortages look poised to continue into the post-COVID era, too.  
Contractors must be proactive to overcome construction material shortages. For instance, if a material shortage may delay a construction project, a contractor should update the associated timeline immediately. Next, the contractor must establish a new timeline and notify their client accordingly.  
Keep the lines of communication open with clients relative to material shortages as well. Client satisfaction is paramount for contractors, particularly amid the pandemic. By providing details about material shortages that impact construction projects, contractors can ensure their clients know what to expect as their projects are completed. Furthermore, clients can take solace in the fact that their contractors are doing everything possible to minimize the impact of material shortages and complete construction projects on time and on budget.  

3. Talent Shortage

The “Great Resignation” has led many employees to leave their jobs and pursue new ones. It has impacted the construction industry, to the point where some experts predict the sector will need an estimated 1.28 million more workers by 2023 to address the issue.  
Automation technologies can help contractors limit the impact of the construction industry’s talent shortage. For example, contractors can invest in technologies that leverage artificial intelligence to complete repetitive tasks. These technologies can help contractors eliminate the risk of human errors. At the same time, they can help contractors boost their businesses’ productivity and efficiency.  
Moreover, contractors can leverage automated guided vehicles (AGVs). These fully autonomous robots can move and transport items. They can be used in production, warehouse, and distribution facilities. AGVs can ultimately help contractors complete various tasks with care and precision. 

The Bottom Line on Pandemic Construction Woes and How to Mitigate Them 

Contractors face an uphill climb as they rebound from the pandemic. Regardless, the pandemic is approaching its conclusion. At this time, contractors must remain diligent in their efforts to identify and mitigate construction woes before they cause long-lasting business damage.  
Account for common pandemic construction woes and explore ways to address them. In doing so, contractors can keep their businesses operational throughout the pandemic. After the pandemic ends, these contractors will be well-equipped to thrive for many years to come.