COVID-19 might've reared its head in 2020, but we can all agree that its effects continue to be felt. It is likely that we will be dealing with the repercussions for years to come. Individuals and businesses alike are still feeling the sting of COVID. The construction industry has been dealing with a range of issues related to the pandemic that has affected business.

A lot of projects have been pushed back over the last couple of years. Others have been canceled outright. What's causing these issues? During the height of the pandemic, just about all projects ended up being delayed. It was too dangerous to continue operating, and there were restrictions in place on what could and couldn't be done in terms of work. However, we are still dealing with delays for several reasons. Let's look at three of the biggest reasons below.

The pandemic caused issues with the supply chains. Factories around the world had to close down during the height of COVID. This pushed back the manufacturing and delivery of materials needed for construction. Many of those factories are still trying to get production back to normal. This, coupled with the rise of inflation, has made getting materials more difficult and costly, which is also causing some delays.

In addition to issues with the supply chain, it has become more difficult for some construction companies to fill out all of their roles. There is a labor shortage in construction and it's occurring for several reasons.
First, there is the pandemic. Many people who were in the field ended up getting out of it because there was simply no work. They went into other industries, and they haven't returned. Others decided to retire early, leaving an even greater hole in the field.
Another reason for the labor shortage is that young people aren't going into construction, at least not on the manual labor side of things. They are seeking other types of jobs and there are fewer and fewer people to fill those roles in construction. Naturally, the lack of labor will cause delays.

Some companies who were thinking about expanding and growing their businesses with new construction projects have changed their minds. The pandemic was enough to make most businesses take a step back and rethink how they are spending their money. This has led to some companies cutting back on projects and canceling them. Other companies have gone out of business and simply can't go through with their projects.

As you can see, there are issues on both sides of the fence‐the construction companies and those who hire them‐when it comes to delays. A lot of larger projects can take years to complete at the best of times. The pandemic has pushed things back further, and it will still be a few years before things start to get back to normal.

Navigating a post‐COVID world in a construction company can feel overwhelming ‐ it makes it even more important to resolve your collection problems and secure your accounts receivable in order to improve your bottom line. Nationwide Notice, Inc. is an invaluable asset to your company's credit team. Here is what we bring to the table:

Nationwide Notice, Inc. can partner with construction companies of all sizes and strives to work with your contractors and sub‐contractors by using existing lien laws as leverage to ensure payment, as well as secure their lien rights to get the money they deserve. You can learn more about all the services we provide on this page or find out more about what makes us different here. The experienced staff at Nationwide Notice, Inc. will assist you in submitting and tracking the correct legal documents required by your state to protect your lien rights which is a valuable tool that aids with your receivables.