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Grassi Reveals Findings of 2021 Construction Benchmarking Survey

Grassi, a leading provider of advisory, tax and accounting services for the construction industry, has revealed the finding of its latest survey of New York area contractors and subcontractors.

Designed to uncover the industry’s current trends, outlooks and state of COVID-19 recovery, Grassi’s 2021 Construction Industry Survey was developed by the firm’s Construction Practice and advisory board, which consists of industry leaders from across the tri-state area. The survey was co-sponsored by four local industry associations: the Subcontractors Trade Association, the Long Island Contractors Association, the New York Building Congress and the Association of Wall-Ceiling & Carpentry Industries.

Highlights of the survey findings include:

  • The top challenges of 2020 reported by the most respondents were delayed, closed or canceled jobs (81%), decreased overall revenues (53%) and challenges in the competitive bidding landscape (46%).
  • Among the respondents’ biggest areas of success and opportunity in 2020 were receiving a Paycheck Protection Program loan (79%) and improving work-from-home capabilities (57%).
  • Almost half (46%) of those surveyed predict a full recovery of the construction industry in 2022.

The findings also reflect respondents’ views on the federal infrastructure bill, labor concerns, long-term challenges of COVID-19, technology opportunities, payroll provider satisfaction and more. The survey was conducted by an independent research firm. All individual responses were confidential, and results were tabulated and reported in the aggregate.

A full copy of the comprehensive benchmarking report can be downloaded here.

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