93% of construction industry workers are concerned about their company's financial position due to COVID-19

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31st March 2020 15:32 - Construction

93% of construction industry workers are concerned about their company's financial position due to COVID-19: A survey of people working in the construction industry has found that more than nine in ten (93%) are fearful that the coronavirus pandemic could cause insolvency for their firms.

The survey, in association with Fenwick Elliot, questioned readers of Building, Building Design and Housing Today and found that almost two in five (39%) were 'very concerned' that the pandemic could spell financial failure for their firm, with just over half (53%) saying they are 'slightly concerned'. Many said that their businesses had seen a dramatic downturn in work. 

The research also revealed that almost half the 600 participants polled (49%) felt that the measures announced by the government so far are not sufficient enough to deal with the crisis. 

When asked how long they believe it will take for construction sites to reopen - 36% said they think it will be months, while 41% couldn't answer, selecting 'don't know'. Forty-five percent with 45% of respondents said that in order to navigate the weeks and months ahead they will have to, or already have furloughed employees. 

More than half the respondents polled said that all employees at their firms are now working from home (53%), with a further 18% saying that at least three quarters are.

Also revealed in the research was that around a quarter of respondents had been instructed by their clients to cease work with immediate effect, however, a third (32%) were asked to continue working, once adequate health and safety measures were in place.

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