Navigating post-pandemic construction challenges

As with many industries, the COVID-19 pandemic shook up the construction industry, sparking an awareness of various challenges. As a result, internal and external construction auditors have been tasked with taking the lessons they have learned regarding supply chain disruption, managing costs, strategic planning and job site collaboration, and putting them to good use moving forward.

Below are some of the many lessons learned and changes that have come as a result of COVID-19 challenges.

• Pandemics are not covered by insurance and contractual clauses like force majeure, which was mostly associated with natural disasters, now recognize events like a pandemic to cover broader supply chain disruptions, labor market shortages and market volatility.
• Pandemic clauses are on the rise and are becoming an important construction planning tool to address various issues that could pop up including identifying alternative product choices if there are material shortages.
• Although the pandemic and other factors have reduced the construction labor workforce, federal legislation like the American Rescue Plan, Inflation Reduction Act and Infrastructure Investment and Jobs Act have encouraged new construction projects across the U.S.
• Contractual clarity, proactive planning, documentation and transparency are important to prevent and avoid increasing material costs.

The post-pandemic era in construction auditing has brought to light the importance of adaptability, foresight and rigorous documentation. Watch our webinar on what we’ve learned since COVID-19 to learn more.