The Resilience of the Construction Sector in 2020
In this report, FreshBooks shares how quickly the construction sector was able to survive and thrive amid COVID-19 lockdowns, restrictions, and social distancing.
Here’s What We Found
If there’s one area that’s benefited from millions working from home, it’s construction. Despite initial downturns early in the pandemic, the construction sector recovered faster than average. Check out the findings:
Client Growth Higher Than Average
With more people working from home, it’s no surprise that house renovations become the project du jour. It’s why construction saw 10% more new clients added than any other sector examined.
Smaller Projects but Stable Revenue
Total revenue quickly recovered to pre-pandemic norms, although it didn’t increase as fast as client growth. This is likely because people are opting for smaller, less disruptive renovations than usual.
U.S Recovery Faster Than U.K
Although the construction sector in the U.S recovered quickly, this wasn’t the case elsewhere. The construction sector in the UK took 60% longer to recover, due to stricter lockdown measures.
