Covid 19 Construction Industry Resources to Manage Risks

We are living in unprecedented times as the daily developments of COVID-19 continue to impact all of us in the Construction industry. The continued building and development of Manhattan now face a new challenge, as New York is a major center of international travel, and our densely populated areas make the potential for transmission high.

Construction companies pose an interesting risk profile when combating COVID-19 due to the nature of their businesses, varying job sites and the numerous people their teams encounter each day. While we can hope the impact will be manageable, we would be remiss if we did not consider the impact this could have on the construction industry, especially if access to job sites is suspended.

Immediate planning is critical to address any risks deemed to be significant and potentially harmful to the organization. Contractors should consider implementing infection control processes, such as stepped-up cleaning of high-risk areas, and staff training on handwashing, respiratory hygiene, etc. Policies are also needed to address staff who may have been exposed and are in incubation period, staff who are actually sick, and staff who may have family members who are sick.

You must also look at the financial measures that should be taken to ensure the long term vitality of your company. Consider utilizing tools such as company-wide and job-centric budgets supplemented with cash flow forecasts to identity any problem spots for proactive mitigation.

As we all work together to get through these challenging days, many of our friends are publishing useful resources to guide the industry:

Building Trades Employers Association of New York

Associated General Contractors of New York

Grassi is also making our professionals’ advice and insights readily accessible on our Coronavirus Resources page. Please check back often for updates.

Grassi is and has always been a resource for the construction industry, with today and upcoming days being no different. We are here to help contractors communicate with their sureties, brokers, banks and any other interested party as we push through this together.

In addition, the professionals of Grassi Healthcare Advisors and Grassi’s Human Resources Consulting practice can help construction companies further assess their risks and develop mitigation action plans.

Carl Oliveri Carl Oliveri is the Construction Practice Leader and a partner at Grassi. He has over 25 years of experience advising owners and executives in the Construction industry, particularly in project-centric and companywide financial modeling, operational strategy development, financial statement accounting services and income tax method analysis. This extensive industry experience allows him to provide insight and advice to construction clients on marketplace trends and... Read full bio

Categories: Advisory