Experts predict COVID-19 will have long-term ramifications for many aspects of the U.S. construction industry, including lead time extensions. In this report, we will take a brief look at some of the recent changes to construction lead times and then, at the end, offer several practical recommendations to help you avoid unexpected lead time extensions.
Cumming’s first truly major project came in 1997, when we provided cost services in support of the new $760 million Paris Las Vegas, a hotel and casino resort with a thematic style echoing the city of Paris.
Because the vast majority of zinc comes from a handful of countries, the market can be quite volatile. Things like a presidential election in Peru, a push for green energy in China, or a shortage of shipping containers in Australia can destabilize prices.
The steel industry in the United States enjoys a high degree of protection from the government. High import tariffs mean that most of the steel used in construction is produced domestically. When there are massive shocks to the industry (such as a new respiratory virus that infects 10% of the population), a unionized workforce keeps steel production relatively steady.
As of early June, the first nearby expiration for Western Spruce-Pine-Fir on the Chicago Mercantile Exchange (delivery in mid-July) is showing some clear choppiness in the softwood price. While it has had a downward trajectory since mid-May, there has been high volatility as well.
This year, the prices for cement are expected to increase by 3.2%, partially making up for the weak price growth of 2020. Producers have noted increases so far this year in various regions and hope to gain further traction after the COVID-19 pandemic stymied price increases last year.
