Anchin, Block & Anchin LLP (New York) Releases State of the Construction Industry 2021 Survey Results

Published on February 02, 2022

Anchin, Block & Anchin LLP would like to thank all of its clients and contacts who took the time to respond to its State of the Industry survey. The survey respondents represent a cross-section of New York’s building industry, covering construction, engineering, architecture and other related fields.

The firm is pleased to share with the results of the survey, which was recently published by Building Design + Construction.

Following are some key takeaways:

The passing of the infrastructure bill was one of the main focuses of the survey, and a majority of respondents said their firms had diversified into infrastructure since the beginning of the pandemic. 85 percent said that they believe infrastructure will be the busiest industry vertical over the next five years.
65 percent of respondents said that the biggest problems facing the industry were labor shortages and public funding for infrastructure.
47 percent reported they’ve raised salaries and 30 percent said they’ve incorporated new culture-building activities, in efforts to compete for talent and demonstrate themselves as industry leaders moving forward.
61 percent said clients had been slower to pay, 56 percent said that increasing labor and material costs were slowing their cash flow, and 50 percent each cited rising insurance costs and project delays.

The complete survey results and commentary from the Anchin team can be found here.