Presented By: Grassi Advisors & Accountants
Grassi Reveals Findings of 2021 Construction Benchmarking Survey
Benchmark your construction business and hear what NY contractors have to say about industry conditions, outlooks and state of COVID-19 recovery
Grassi, a leading provider of advisory, tax and accounting services for the construction industry, has revealed the finding of its latest survey of New York-area contractors and subcontractors.
Designed to uncover the industry’s current trends, outlooks and state of COVID-19 recovery, Grassi’s 2021 Construction Industry Survey was developed by the firm’s construction practice and advisory board, which consists of industry leaders from across the tri-state area.
The survey was co-sponsored by four local industry associations: the Subcontractors Trade Association, the Long Island Contractors’ Association, the New York Building Congress and the Association of Wall-Ceiling and Carpentry Industries.
Highlights of the survey findings include:
- The top challenges of 2020 reported by most respondents were delayed, closed or canceled jobs(81%), decreased overall revenues (53%) and challenges in the competitive bidding landscape (46%).
- Among the respondents’ biggest areas of success and opportunity in 2020 were receiving a Paycheck Protection Program loan(79%) and improving work-from-home capabilities (57%).
- Almost half (46%) of those surveyed predict a full recovery of the construction industry in 2022.
The findings also reflect respondents’ views on the federal infrastructure bill, labor concerns, long-term challenges of COVID-19, technology opportunities, payroll provider satisfaction and more.
The survey was conducted by an independent research firm. All individual responses were confidential, and results were tabulated and reported in the aggregate.
A full copy of the comprehensive benchmarking report can be downloaded here.
As the 64th largest accounting firm in the nation, Grassi is a leading provider of advisory, tax and accounting services to businesses and individuals. Grassi’s construction practice, ranked the 11th largest in the U.S. by Construction Executive, provides industry-specific consulting, audit, tax and technology services to contractors, subcontractors, architects and engineers. The firm also serves other key market sectors, including real estate, health care, manufacturing and distribution, financial services, not-for-profit, cannabis and more. With offices in New York, Jericho, Ronkonkoma and White Plains, N.Y.; Park Ridge, N.J.; Needham, Mass.; and Palm Beach, Fla., the firm has the depth of knowledge and experience to work effectively alongside clients across the New York metro area and throughout the United States, as well as internationally through its membership in Moore Global. Visit www.grassicpas.com for more information.