PROJECT MANAGEMENT
Top 3 COVID concerns
71 % Financial impact , including effects on results of operations , future periods and liquiditu and capital resources
64 % Potential global recession
HOW CONSTRUCTION CAN EMERGE STRONGER AFTER CORONAVIRUS | MCKINSEY
Its seven key recommendations are :
• Accelerate roll-out and adoption of digitization
• Invest in the culture and skills needed to operate in the next normal
• Build a control tower across the portfolio
• Bolster supply chain resilience
• Redeploy capital and resources
• Identify opportunities to shift work off-site
• Get closer to customers
Here we explore their recommendations and see what measures companies can take to withstand the challenging commercial environment within the key areas of finance , operations and technology .
41 % The effects on our workforce / reduction in productivity
Source : PwC
Halting the financial collapse Red Flag Alert warns the potential collapse of 40,000 UK firms would mean £ 2.2bn in unpaid invoices are at risk of disappearing from construction supply chains .
The latest ONS data focusing on the business impacts of COVID-19 shows 13.6 % of construction companies have “ low or no confidence ” that their businesses will survive the next three months – a predicament affecting 39,491 firms . When companies go out of business , they leave behind an average insolvent debt of £ 55,949 .
Managing Director of Red Flag Alert , Mark Halstead , said the level of insolvent debt in the construction sector is already growing at pace . It increased by 6.6 % in 2020 , double the rate of growth in total UK insolvent debt . constructionglobal . com 37