Shipping Delays Causing Construction Slowdown
"When it comes to obtaining building materials, real estate developers often buy globally, not locally. But as the coronavirus spreads across the world, bringing countries to a standstill, the lack of access to overseas supplies is sending jitters through the construction industry," writes C. J. Hughes
Goods such as marble, tile, and furniture come from countries hit hard by the pandemic, including China and Italy.
While construction projects have not stopped completely, industry experts say supply-chain issues may lead to halted projects and layoffs. Companies are looking to the possibility of obtaining materials from domestic suppliers, but maintaining quality levels and costs could be challenging.