An Update On The Construction Industry & COVID-19 – OSCPA

Director of Construction & Real Estate Services Provides Update In Recent Ohio Society of CPAs Article

“An Update On The Construction Industry And COVID-19,” originally published on July 9, 2020, on the Ohio Society of CPAs’ website.

Like accounting, the construction industry has remained busy through the COVID-19 pandemic, says Doug Houser, CPA, MBA, CEPA, director of construction and real estate services at Rea and Associates, an Ohio CPA Proud organization.

“Construction was deemed an essential industry right out of the gate,” he said. “So, work continued using the new protocols.”

While some projects have been delayed, Houser said very few have been outright canceled.

“Overall, I think the results for the industry for 2020 will be quite good,” he said. “The concern comes as we look forward into 2021.”

Now that clients have adjusted to the initial shock of the crisis, Houser is looking into how the virus will affect the industry next year. For example, some construction, such as road projects, are funded by the state’s ability to collect fuel tax. Because more people are working remotely and driving less, the funding for these projects is likely to decrease.

“The priority ones seem to still happen. You see that with the (Columbus Crew soccer) stadium and a lot of the major road projects,” Houser said. “There’s concern, but overall I think the segment certainly in total has fared much better their others.”

Want More?

Looking for more information and assistance with your PPP loan? Check out the “Financial Resources For Employers” section of Rea & Associates’ COVID-19 Resource Center.