#### 2021 engineering and construction industry outlook


-----

**2021 engineering and construction industry outlook**

### E&C companies adapt to ongoing
 impacts of the pandemic

The US engineering and construction (E&C) industry and hospitality), while others were not able to capitalize
began 2020 on a bright note. The construction industry on technology advancements. Most E&C companies
added more than $900 billion to the US economy in the continue to face sustained cost and margin pressures.
first quarter of 2020—the highest levels since the 2008 Additionally, despite strong order books, companies
recession.[1] It employed 7.64 million people in February are experiencing challenges such as project delays
2020, also the highest levels since the 2008 recession.[2] and cancellations and difficulty in obtaining permits. In
Then, COVID-19 reached the US. The industry lost $60.9 addition, increases in procurement cost of materials and
billion in GDP, and total jobs decreased to roughly 6.5 equipment continue to perplex many E&C companies.
million, effectively wiping out two years of GDP gains and
four years of job gains.[3] But there are reasons to be optimistic. Connected

technologies and an increase in associated investments

The E&C industry, however, had learned from the 2008 may help firms realize new operational efficiencies.
recession and was well-positioned to weather this New business models and an increase in M&A activity
economic shock. It had better control over its leverage are further accelerating the shift toward digital and
and credit and had created a buffer through additional operational efficiencies. Also, E&C companies are likely
cost savings. However, industry performance during the to help other industries unlock the future of workplace
rest of 2020 has been mixed. Some E&C companies were solutions.
more exposed to COVID-19–affected segments (like retail

**About the study: Deloitte postelection survey**

To understand the outlook and perspectives of organizations across the energy, resources, and industrials industries,

Deloitte fielded a survey of more than 350 US executives and other senior leaders in November 2020 following the

2020 US presidential election. The survey captured insights from respondents in five specific industry groups: chemicals

and specialty materials, engineering and construction, industrial products, oil and gas, and power and utilities.


-----

# [1]

**2021 prospects**

**An uptick in public and commercial spending**
**could improve the outlook for 2021**

In March, the pandemic made its presence felt across the E&C industry,
causing the Associated Builders and Contractors’ Construction Confidence
Index (CCI) to plummet to 38.1.[4] By June, however, the CCI rose to 51.1,
indicating expansion in sales.[5] The industry has also seen construction
spending gradually recovering from the sudden decline in the first half of
2020.[6] A Deloitte postelection poll (see “About the study”) found that 68%
of the E&C executives surveyed characterize the business outlook for their
industry as somewhat or very positive. Overall business performance in
2020 can be described as uneven, depending on where an E&C firm sits in
the postpandemic economy.

The housing segment is recovering on the back of low mortgage rates, and
US housing starts are expected to grow in 2021.[7] On the homebuilders’
front, extra credit buffers and conservative financial policies are likely
to keep confidence high.[8] In contrast, the nonresidential segment new
construction value is expected to register double-digit declines in 2020.[9]
Apart from health care, public safety, and water infrastructure, spending
in other nonresidential segments either remained the same or declined.
Lodging (including hotels and motels), manufacturing facilities and
structures, amusement and recreation, and office segments observed the
biggest spending declines in 2020 compared with 2019.[10] Many companies
are also evaluating their future office space requirements as remote and
work-from-home models evolve, leading many commercial clients to either
delay or cancel their existing leases and contracts. This weakness is likely to
persist well into 2021.[11]

The different outlooks for residential and nonresidential segments can
present various challenges for E&C companies in 2021. Smaller E&C
firms with less balanced portfolios or a higher exposure to energy, travel,
hospitality, or recreation end markets are likely to experience greater
volatility in the coming year. Larger E&C firms with more diversified exposure
may absorb this impact better. While the residential segment is expected
to recover through 2021, overall spending growth in 2021 will likely be led
by an uptick in public, infrastructure, and commercial building starts and
related investments. In fact, in a Deloitte postelection poll, 70% of E&C
leaders agree that new infrastructure projects, if fully approved, can help
jump-start the economy.


-----

# 2


**Margin disruption**

**Connected construction and modularization can**
**address long-term costs and margin issues**

The E&C industry has been operating on razor-thin margins for many years
now, and the situation has only worsened since the pandemic outbreak.[12] In
[our 2020 outlook, we mentioned how the Turner Building Cost Index, which](https://www2.deloitte.com/content/dam/Deloitte/us/Documents/energy-resources/2020-engineering-construction-industry-outlook.pdf)
measures US nonresidential building construction market cumulative costs
(including labor rates and productivity, materials prices, and competitive
marketplace conditions) had reached a value of 1162, the highest levels in
its 13-year history.[13] The pandemic led the index to reach a new peak of
1189 by the end of the first quarter of 2020.[14] Since then, the index remains
near the all-time high, likely driven by rising labor and material costs and
supply disruption as global supply chains continue to recover.[15] A similar
impact can be seen on margins as well. The September Associated Builders
and Contractors survey shows that almost 77% of contractors surveyed
indicate no change or a decline in profit margins, up about 10% from a
month earlier.[16] Despite many E&C firms altering their cost structures, most
suffered due to increasing material costs, contract extensions, and even
extended schedules leading to cost overruns.

To reverse this situation, E&C companies should consider several ways to
create long-term efficiencies and competitive advantage in 2021. One option
is to save costs via modularization and prefabrication design. Twenty-six
percent of E&C executives in a Deloitte postelection poll indicate increasing
their use of prefabrication and modular products. Module assembly yards
borrow some of the cost-efficiencies of manufacturing and could lead to
considerable cost savings, ranging from 6% to 30%.[17] Besides material costs,
modularization and prefabrication can also help reduce labor costs, ensure
better design and quality control, and shorten the project schedule to
ensure minimum budget overruns.

And, although this is a longer-term potential payoff, E&C firms can also
invest and move toward advanced construction materials, such as durable
or high-strength concrete, geosynthetics, geotextiles, fire-resistant timbers,
and self-healing materials. Twenty percent of E&C executives in a Deloitte
postelection poll indicate they are sourcing and using advanced materials
to address ongoing cost pressures. These may increase up-front costs, but
can likely help in later years to minimize and significantly reduce operating
and maintenance costs.[18] This could become a key trend as the industry
embraces more streamlined and connected approaches through the project
life cycle, beyond Design-Build-Operate to better Own and Maintain as well
(DBOOM).


Another approach is to change the focus of technology
investments from isolated projects to integrated,
enterprise-level initiatives. Firms should make
technology investments that solve business-level
efficiency problems instead of stand-alone
project-related issues. Through enterprise-scale
technology investments, E&C companies can develop
a connected construction foundation—a dynamic,
always-on network that provides continuous access
to information, analytics, and insights.[19] Benefits are
expected to include as much as a potential 10% to 30%
reduction in engineering hours, up to 10% reduction in
build costs, and up to 20% reduction in operating costs,
improving overall margins for E&C firms throughout the
entire project life cycle.[20]


-----

# 3


**Digital differentiation**

**Digital investment can enable E&C firms**
**to differentiate themselves in 2021**

Digital is becoming the core enabler of future success in the construction
industry. In a Deloitte postelection poll, 76% of E&C executives indicate that
they are likely to invest in at least one digital technology in 2021. Digital
moves business decisions from reactive to predictive and could enable E&C
firms to outpace their competition. For this reason, it is likely to be a priority
on CIOs’ growth agendas in the coming year. Here are some specific areas
and opportunities of digital initiatives that could enable E&C companies to
differentiate themselves:

Technologies such as building information management (BIM) can

##### •

help enhance real-time project visibility, eliminate cost overruns, and
accelerate the development timeline.[21] Further applications of BIM into
offerings that incorporate energy efficiency and facilities management for
comprehensive lifecycle project management are also emerging.

**Digital supply networks can help to calibrate demand and supply**

##### •

by ensuring constant material availability using machine learning and
cognitive computing. This could help solve for a key challenge that 54%
of contractors surveyed in a recent study indicate: the shortage of at
least one construction material.[22]

**Digital twin technologies can help make use of 3D data to generate**

##### •

building profiles and blueprints of building parts and components in real
time, driving visibility and operational improvements across the building
life cycle.

**Autonomous rovers and drones can help conduct remote site**

##### •

inspections.[23] This can not only help improve worker safety, but also
enhance productivity for inspection operations.

After project delivery, predictive maintenance technologies can

##### •

help E&C firms better manage assets and equipment. Preventing any
equipment downtime can increase efficiency and ensure on-time
project delivery.

Since some of the E&C industry seems to be lagging other industries in
digital strategy and maturity, there is pressure to increase the pace of digital
investments. However, it is equally important for E&C companies to ensure


that these investments deliver value and returns.
One approach is for E&C firms to identify ecosystem
partners and connect with them to enable connected
construction together.[24] This ecosystem approach can
likely be a key enabler for adjusting to new market
realities, helping to better respond to disruptions.


-----

# 4


**M&A and alliances**

**The industry is likely to witness strong**
**activity in both traditional and nontraditional**
**partnership approaches**

As a learning from the 2008 recession, the E&C industry has been
increasingly conscious of its capital allocations and cost structures. These
efforts, combined with additional postoutbreak cost reduction efforts and
strong order books (1.3x book-to-build ratio based on 2019 data), have
ensured enough cash and credit line buffers for companies to survive and
cover liabilities in the short term. These spending cuts, however, also led to
a 7x decline in 2020 M&A deal value when compared with 2019 ($780 million
in the first three quarters of 2020 versus $5.89 billion during the first three
quarters of 2019).[25] The industry also avoided megadeals, with no deals
above $500 million through the third quarter of 2020 compared with four
in 2019.[26]

Interestingly, the number of deals announced remained the same during
the first three quarters of 2020 compared with the same period in 2019.[27]
This likely indicates that while the industry delayed making big commitments,
it also kept its eye open to acquiring smaller and more specialized firms,
including design, engineering, or technology companies; fabricated metal
manufacturers; and specialized contractors. During this period, E&C
and engineering, procurement, and construction (EPC) firms engaged in
divestitures to gain specialization, increase margins, and decrease risk. In a
Deloitte postelection poll, 28% of E&C executives surveyed believe the main
approach for the industry will be increased M&A activity to help diversify the
business. Such moves are likely to accelerate in 2021 as companies launch
their initiatives to diversify digital product portfolios and expand offerings in
connected services and advanced technologies.

As we move into 2021, more E&C companies are also expected to target
different business models (such as alliances to complement their expertise)
and targeted consolidation. These alliances can likely also include E&C
companies embracing public-private partnerships (PPP) and making them
part of their network. More than 46% of E&C executives surveyed in a
Deloitte postelection poll indicate that new public infrastructure work
will be a significant part of their business, and 14% are looking to form
public-private partnerships to access these opportunities. The collective
capabilities of partners may help companies better target the more than
$1 trillion in US infrastructure upgrade spending anticipated in 2021.[28]


Nontraditional M&A approaches, such as forming
alliances with technology vendors via the developing
ecosystem,[29] can help E&C companies gain access
to new capabilities and turnkey solutions faster and
without the need for up-front investments.[30 ]Targeted
consolidation in a fragmented and competitive US E&C
industry is also likely to help enhance overall industry
margins and lead to the emergence of bigger E&C
companies.[31] For example, between 2007 and 2020, the
number of E&C companies on the Fortune 1000 list has
grown by 45%.[32]

Another trend to watch for in 2021 is more E&C
companies realigning their exposure to end markets via
targeted divestiture efforts. In a Deloitte postelection
poll, 60% of E&C executives indicate plans to diversify
their business to reduce exposure to underperforming
segments. From 2017–2020 year-to-date, 17% of all
deals in the industry were E&C companies divesting
specific business segments, likely exiting low-margin
product segments and balancing exposure to
underperforming end markets. More recently, some
of this activity may be related to reducing exposure to
segments affected by COVID-19, such as energy and
transportation.


-----

# 5


**Future of work**

**E&C firms respond to new work,**
**workforce, and workplace norms**

A rapid influx of digital technologies, ongoing labor shortages, COVID-19
anxieties, and new workplace protocols present E&C firms with work,
workforce, and workplace challenges as they head into 2021. In the wake of
the pandemic’s arrival, the biggest question on the minds of E&C companies
has been how to restart work at job sites. The industry could not necessarily
reemploy the very same workforce, as some workers had been hired into
other positions, which made it challenging for some E&C companies to
resume work. This was followed by workplace challenges of ensuring that job
sites had the required safety standards in place, which included restrictions
in the number of workers in an enclosed space and alterations in key job site
processes.[33] Most E&C firms have absorbed these changes, but more work
disruption may await the E&C industry in 2021.

In terms of workforce, the construction industry has been consistently
adding new jobs and has recovered largely from the initial pandemic-driven
job losses of early 2020. Despite this recovery, challenges due to talent
shortages persist and are likely to be among the major themes for 2021.
Bureau of Labor Statistics data suggests that since 2017, while the number
of job openings has almost doubled, the number of new hires has increased
by less than 10%.[34]

This gap is due in part to the fact that the construction industry is likely
to incorporate more digital technologies into key work streams in order
to further enhance productivity, efficiency, and worker safety. These
technologies include BIM and digital twins, which affect work from the design
stage through material performance testing and remote project monitoring
using sensors and drones. In fact, 76% of E&C executives in a Deloitte
postelection poll indicated they are investing in connected technologies to
address broad cost and margin challenges, and 24% are investing in drones
and robotics at job sites to increase worker productivity and efficiency. These
work changes make it important for E&C firms to start thinking of how roles
and jobs will change to reflect the use of these new technologies.


The ongoing skills gap in the era of digital
transformation can create a mismatch between the
available employees and the necessary skills—as work
increasingly requires fluency with digital technologies.[35]
This situation could negatively affect E&C firms in
various ways, including not being able to respond
to market needs, losing project bids, and failing to
innovate. As E&C firms seek approaches to mitigate
these potential negative impacts, there are some
practices that will likely increase in the coming year.
Engaging with an external talent ecosystem, developing
in-house training programs, and training the future
workforce are some of the long-term strategies that
most E&C companies should consider adopting.


-----

**2021 engineering and construction industry outlook**

### Preparing today for tomorrow’s unknowns

2020 was an unforgettable year in many ways and one
that may have permanently changed the world. The E&C
industry was able to respond faster than other industries
due to strong order books and demand from the residential
segment. 2020 likely also helped E&C companies to reset
and prepare sooner and better for work, workforce, and
workplace changes. The year ahead is only expected to
accelerate these changes. Connected construction presents
a host of efficiency- and productivity-enhancing technologies
and can enable new business models and strategies. There
may be another disruptive event around the corner that
could catch the world off guard. But those E&C firms that
add to the lessons they’ve learned by embracing digital,
forming strategic alliances, and preparing for the future of
work will likely be better prepared for whatever comes next.


-----

## Let’s talk

**Michelle Meisels**
Principal
Engineering & Construction Leader
Deloitte Consulting LLP
[mmeisels@deloitte.com](mailto:mmeisels%40deloitte.com?subject=)
+1 213 688 3293

Michelle is a principal in Deloitte Consulting LLP’s Technology
practice and leads the Engineering & Construction
practice. Michelle focuses on large, often global, finance
and information technology transformation programs by
leveraging digital technology. She helps clients integrate
technologies with organizational and process standard
practices to achieve both qualitative and quantitative benefits.

She specializes in cloud ERP, project controls, supply chain
management, and analytics technologies.


-----

## Endnotes

1. [US Bureau of Economic Analysis, Construction Industry, “Value Added](https://apps.bea.gov/iTable/iTable.cfm?reqid=150&step=2&isuri=1&categories=gdpxind)
[by Industry, [Billions of dollars] Seasonally adjusted at annual rates,”](https://apps.bea.gov/iTable/iTable.cfm?reqid=150&step=2&isuri=1&categories=gdpxind)
accessed October 22, 2020.

2. [US Bureau of Labor Statistics, Current Employment Statistics Highlights for](https://www.bls.gov/web/empsit/ceshighlights.pdf)
_[Construction Industry – September 2020, October 2, 2020, page 6.](https://www.bls.gov/web/empsit/ceshighlights.pdf)_

3. [US Bureau of Economic Analysis, Construction Industry, “Value Added](https://apps.bea.gov/iTable/iTable.cfm?reqid=150&step=2&isuri=1&categories=gdpxind)
[by Industry, [Billions of dollars] Seasonally adjusted at annual rates”;](https://apps.bea.gov/iTable/iTable.cfm?reqid=150&step=2&isuri=1&categories=gdpxind)
_[US Bureau of Labor Statistics, Current Employment Statistics Highlights for](https://www.bls.gov/web/empsit/ceshighlights.pdf)_
_[Construction Industry – September 2020.](https://www.bls.gov/web/empsit/ceshighlights.pdf)_

4. [Associated Builders and Contractors, “Construction Contractor](http://www.abc.org/News-Media/News-Releases/entryid/17328/construction-contractor-confidence-plummets-in-response-to-covid-19-says-abc)
[Confidence Plummets in Response to COVID-19, Says ABC,” April 23,](http://www.abc.org/News-Media/News-Releases/entryid/17328/construction-contractor-confidence-plummets-in-response-to-covid-19-says-abc)
2020, accessed October 22, 2020.

5. [Associated Builders and Contractors, “ABC’s Construction Backlog](http://www.abc.org/News-Media/News-Releases/entryid/18220/abc-s-construction-backlog-slips-in-september-contractors-remain-optimistic)
[Slips in September; Contractors Remain Optimistic,” October 13, 2020,](http://www.abc.org/News-Media/News-Releases/entryid/18220/abc-s-construction-backlog-slips-in-september-contractors-remain-optimistic)
accessed October 22, 2020.

6. [United States Census Bureau, “Monthly Construction Spending, August](https://www.census.gov/construction/c30/pdf/release.pdf)
[2020,” October 1, 2020, accessed October 22, 2020.](https://www.census.gov/construction/c30/pdf/release.pdf)

7. Ibid.

8. [S&P Global Ratings, “U.S. Corporate Credit Outlook Midyear 2020 -](https://www.spglobal.com/_assets/documents/ratings/research/u.s.-corporate-credit-midyear-outlook-2020.pdf)
[Homebuilders and Developers,” July 16, 2020, page 23.](https://www.spglobal.com/_assets/documents/ratings/research/u.s.-corporate-credit-midyear-outlook-2020.pdf)

9. [Engineering News-Record, “Starts Will Slowly Climb in 2021 After Sharp](https://www.enr.com/articles/50661-starts-will-slowly-climb-in-2021-after-sharp-drop-in-2020-dodge-reports)
[Drop in 2020, Dodge Reports,” November 11, 2020.](https://www.enr.com/articles/50661-starts-will-slowly-climb-in-2021-after-sharp-drop-in-2020-dodge-reports)

10. Ibid.

11. [Associated Builders and Contractors, “ABC’s Construction Backlog Slips](http://www.abc.org/News-Media/News-Releases/entryid/18220/abc-s-construction-backlog-slips-in-september-contractors-remain-optimistic)
[in September; Contractors Remain Optimistic.”](http://www.abc.org/News-Media/News-Releases/entryid/18220/abc-s-construction-backlog-slips-in-september-contractors-remain-optimistic)

12. [Javier Parada, “Global Powers of Construction 2019,” Deloitte, July 2019.](https://www2.deloitte.com/global/en/pages/energy-and-resources/articles/deloitte-global-powers-of-construction.html)

13. [Turner Construction, “Turner’s Third Quarter Building Cost Index:](http://www.turnerconstruction.com/cost-index)
[Construction Industry Continues To Feel Impact of the COVID-19](http://www.turnerconstruction.com/cost-index)
[Pandemic,” accessed November 2020.](http://www.turnerconstruction.com/cost-index)

14. Ibid.

15. [American Bar Association, ”Dealing With The Construction Impacts Of](https://www.americanbar.org/groups/tort_trial_insurance_practice/publications/committee-newsletters/construction_impacts_of_covid/)
[COVID-19,” March–June 2020.](https://www.americanbar.org/groups/tort_trial_insurance_practice/publications/committee-newsletters/construction_impacts_of_covid/)

16. [Associated Builders and Contractors, “ABC’s Construction Backlog Slips](http://www.abc.org/News-Media/News-Releases/entryid/18220/abc-s-construction-backlog-slips-in-september-contractors-remain-optimistic)
[in September; Contractors Remain Optimistic.” October 13, 2020.](http://www.abc.org/News-Media/News-Releases/entryid/18220/abc-s-construction-backlog-slips-in-september-contractors-remain-optimistic)

17. [Avi Friedman and Vince Cammalleri, “Cost Reduction Through](https://www.tandfonline.com/doi/abs/10.1080/08882746.1997.11430257)
[Prefabrication: A Design Approach,” Taylor & Francis Group, June 9,](https://www.tandfonline.com/doi/abs/10.1080/08882746.1997.11430257)
[2015; Georgia Pacific, “The power of prefab: controlling project quality](https://buildgp.com/blog-post/the-power-of-prefab-controlling-project-quality-and-cost/)
[and cost,” 2019.](https://buildgp.com/blog-post/the-power-of-prefab-controlling-project-quality-and-cost/)


18. [Engineering Materials, “Self-healing concrete could save £40bn in](https://www.materialsforengineering.co.uk/engineering-materials-news/self-healing-concrete-could-save-40bn-in-maintenance-costs/109230/)
[maintenance costs,” November 3, 2015; Abir Al-Tabbaa, “The concrete](https://www.materialsforengineering.co.uk/engineering-materials-news/self-healing-concrete-could-save-40bn-in-maintenance-costs/109230/)
[that heals its own cracks,” World Economic Forum, January 20, 2016.](https://www.weforum.org/agenda/2016/01/the-concrete-that-heals-its-own-cracks/)

19. [Michelle Meisels et al., “Winning with connected construction: Digital](https://www2.deloitte.com/content/dam/Deloitte/us/Documents/manufacturing/digital-opportunities-in-engineering-and-construction.pdf)
[opportunities in engineering and construction,” Deloitte, 2019.](https://www2.deloitte.com/content/dam/Deloitte/us/Documents/manufacturing/digital-opportunities-in-engineering-and-construction.pdf)

20. [Deloitte, “Digital Capital Projects: The capital project of the future,” 2019.](https://www2.deloitte.com/content/dam/Deloitte/uk/Documents/consultancy/deloitte-uk-the-capital-project-of-the-futurev4.pdf)

21. [Michelle Meisels et al., “2020 engineering and construction outlook,”](https://www2.deloitte.com/us/en/pages/energy-and-resources/articles/engineering-and-construction-industry-trends.html)
Deloitte, 2019.

22. [Thaddeus Swanek, “New Study Shows Commercial Construction Industry](https://www.uschamber.com/series/above-the-fold/new-study-shows-commercial-construction-industry-has-guarded-optimism-about)
[Has Guarded Optimism About Future,” US Chamber of Commerce,](https://www.uschamber.com/series/above-the-fold/new-study-shows-commercial-construction-industry-has-guarded-optimism-about)
September 17, 2020.

23. [Michelle Meisels et al., “Winning with connected construction: Digital](https://www2.deloitte.com/content/dam/Deloitte/us/Documents/manufacturing/digital-opportunities-in-engineering-and-construction.pdf)
[opportunities in engineering and construction.”](https://www2.deloitte.com/content/dam/Deloitte/us/Documents/manufacturing/digital-opportunities-in-engineering-and-construction.pdf)

24. [Paul Wellener, Ben Dollar, et al., “Accelerating smart manufacturing: The](https://www2.deloitte.com/us/en/insights/industry/manufacturing/accelerating-smart-manufacturing.html?id=us:2el:3pr:4di6834:5awa:6di:102120:&pkid=1007229)
[value of an ecosystem approach,” Deloitte Insights, October 21, 2020.](https://www2.deloitte.com/us/en/insights/industry/manufacturing/accelerating-smart-manufacturing.html?id=us:2el:3pr:4di6834:5awa:6di:102120:&pkid=1007229)

25. Deloitte analysis based on data from Thomson SDC Platinum.

26. Ibid.

27. Ibid.

28. Deloitte analysis based on data and insights from Bloomberg
intelligence.

29. [Paul Wellener, Ben Dollar, et al., “Accelerating smart manufacturing: The](https://www2.deloitte.com/us/en/insights/industry/manufacturing/accelerating-smart-manufacturing.html?id=us:2el:3pr:4di6834:5awa:6di:102120:&pkid=1007229)
[value of an ecosystem approach,” Deloitte, October 21, 2020.](https://www2.deloitte.com/us/en/insights/industry/manufacturing/accelerating-smart-manufacturing.html?id=us:2el:3pr:4di6834:5awa:6di:102120:&pkid=1007229)

30. [Deloitte, “M&A Trends Survey: The future of M&A deal trends in a](https://www2.deloitte.com/content/dam/Deloitte/us/Documents/mergers-acqisitions/us-mergers-acquistions-trends-survey-the-future-m-a.pdf)
[changing world,” October 2020.](https://www2.deloitte.com/content/dam/Deloitte/us/Documents/mergers-acqisitions/us-mergers-acquistions-trends-survey-the-future-m-a.pdf)

31. [David Price, “The coming wave of consolidation for construction,” CN](https://www.constructionnews.co.uk/agenda/opinion/cn-briefing/the-coming-wave-of-consolidation-for-construction-24-07-2020/)
_Construction News, July 24, 2020._

32. [Fortune, “2020 US Fortune F1000 companies in Engineering &](https://fortune.com/fortune500/2020/search/)
[Construction,” accessed October 22, 2020; “2007 US Fortune F1000](https://fortune.com/fortune500/2020/search/)
companies in Engineering & Construction,” accessed October 22, 2020.

33. [Engineering News-Record, “Pa. Gov Issues COVID-19 Safety Guidelines](https://www.enr.com/articles/49245-pa-gov-issues-covid-19-safety-guidelines-as-crews-prepare-to-resume-work)
[as Crews Prepare to Resume Work,” April 24, 2020.](https://www.enr.com/articles/49245-pa-gov-issues-covid-19-safety-guidelines-as-crews-prepare-to-resume-work)

34. [US Bureau of Labor Statistics, “Construction Industry: Workforce](https://www.bls.gov/iag/tgs/iag23.htm)
[Statistics - Employment, Unemployment, and Openings, Hires, and](https://www.bls.gov/iag/tgs/iag23.htm)
[Separations,” accessed October 22, 2020.](https://www.bls.gov/iag/tgs/iag23.htm)

35. [Paul Wellener, Ben Dollar, et al., “2018 Deloitte skills gap and future of](https://www2.deloitte.com/content/dam/insights/us/articles/4736_2018-Deloitte-skills-gap-FoW-manufacturing/DI_2018-Deloitte-skills-gap-FoW-manufacturing-study.pdf)
[work in manufacturing study,” Deloitte, 2018.](https://www2.deloitte.com/content/dam/insights/us/articles/4736_2018-Deloitte-skills-gap-FoW-manufacturing/DI_2018-Deloitte-skills-gap-FoW-manufacturing-study.pdf)


-----

**About this publication**
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