Building growth: Being labeled ‘essential’ was a clear win in a year plagued by supply chain disruptions, price increases Coming into 2020, construction activity buzzed, beeped, and hammered throughout Broward County with anticipation of another strong year for the sector. Cranes dotted the sky and large equipment took over the streets as residential, commercial, industrial and infrastructure projects moved forward, riding the incoming tide of new companies and residents alike. The pace of growth had its downside, though, as a tight job market, buoyed by record low unemployment, challenged firms, with talent availability constrained by the strong local economy. Then, in March 2020, the threat of the then-largely unknown and distant worry, the coronavirus, became a reality as the virus made its way stateside, ravaging the nation’s health and socioeconomic fiber. Nationwide shutdowns and calls for quarantine immediately placed a cold blanket on Greater Fort Lauderdale’s piping hot construction sector. Though the COVID-19 pandemic initially smothered construction activity toward the end of Q1 and the start of 2Q20, swift action by the state of Florida in deeming the sector as an essential business was a key victory for the industry in a year marred by unprecedented challenges. For the construction sector, crisis management and 88
| Invest: Greater Fort Lauderdale 2021 | CONSTRUCTION
employee well-being rose to the top of the priority list among a plethora of other industry challenges. From managing projects with social distancing guidelines in mind, to massive supply chain disruptions and a sharp rise in materials and construction costs, to job losses, the construction industry has had to contend with diverse challenges in the face of the COVID-19 pandemic. However, the strong foundation that carried the industry in the decade prior to the onset of the coronavirus, namely Florida’s no state income tax, growing population, high quality of life, lower cost of living and diversification of the state economy, is slated to carry the recovery process and long-term success of the construction industry well after the pandemic is contained. In Greater Fort Lauderdale, as the local economy recovers, the construction industry remains the base that supports real estate development plans and investment activity across the market. Despite the ongoing pandemic challenges, for general contractors, real estate developers, institutional investors and residents, the Greater Fort Lauderdale market is ripe with opportunities in multiple sectors such as residential and multifamily, industrial, institutional ( )
