How Drone Data Promotes Social Distance, Collaboration, and Risk Mitigation
COVID-19 has upended industries across the world, and construction is no exception. Across the board, construction and engineering companies are scrambling to keep their employees, clients, subcontractors, inspectors, and other key stakeholders safe.
But the other business challenges construction companies face largely depend on the segments they serve. Contractors and firms that build hospitals, utilities, and other essential infrastructure are struggling to fast-track existing hospital projects and ramp up new projects to meet the projected demand for new hospital beds.
Other firms, however, are witnessing delays or cancellations resulting from local, state, and federal restrictions on construction, particularly in geographies hit hard by the pandemic. Engineering and construction companies that serve energy and chemical companies must also contend with the aftermath of the collapse in oil prices. They must manage operations impacted by postponed capital projects in exploration, production, and refining. Long-term revenue contraction is forcing these construction companies to minimize capital and operating costs into the foreseeable future.