Determining The Impact Of Coronavirus On Real Estate & Construction Companies
The Coronavirus risk and its impact on real estate & construction companies have been great. Ascertaining lost revenue and income stemming from these extraordinary circumstances is key to reducing the financial difficulties of this pandemic. Learn more.
The global economy has been turned upside down by novel coronavirus. In the modern world, no one had seen anything like this. Covid-19 didn’t just hit the health of individuals. Since March, millions of U.S citizens have filed for unemployment or bankruptcy. Economics projections are looking very grim. The unemployment rate is lowering to the levels not observed since the Great Depression of 1929. State and federal governments timely enacted emergency measures. They had the businesses across industries comply with mandatory closures. Despite that, several estimates report job losses to be near 50 million and GDP contraction in the second quarter at up to 25%.
Initially, Coronavirus’s adversely affected the hospitality industry only. But more recently, all sectors of the real estate and construction industries are experiencing the full force of Covid-19 at varying degrees.
We have to adapt and find ways to minimize the financial consequences of this pandemic. Ascertaining lost revenue and income originating from these extraordinary circumstances is a good start. All real estate and construction companies should prepare as if the spread will continue, only then we can hope these calculated measures will flatten the curve. How do we do that? Owners of property businesses must take inventory of their exposure, consider potential scenarios, and develop a solid plan that is based on communication and human compassion.
How Real Estate And Construction Leaders Can Act On And Evaluate The Coronavirus Risk Profile
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