For Malvern-based IMC Construction, demand has remained strong throughout the pandemic. Strong sectors included multifamily, industrial, and life sciences, writes Sharon Oliver for the Philadelphia Business Journal.
The trend is likely to remain upbeat, according to Michael Lloyd, executive vice president of IMC Construction.
“We anticipate a significant increase in economic activity as a result of the distribution of vaccines and the fiscal stimulus from the relief bill,” he said. “This should lead to pent-up projects breaking ground.”
There are, however, pandemic-related stressors that are still influencing construction.
“Project budgets and schedules have been impacted by the increase in materials costs and disruption in supply lines,” said Lloyd.
Also, COVID-19 has put the future of commercial real estate in question. The explosive growth of e-commerce may have long-term implications for constructing traditional brick-and-mortar facilities.
Still, being located in the Philadelphia region helped ward off some of the woes plaguing the industry.
“In comparison to other markets, Philadelphia is uniquely positioned to benefit from the increased investment in the life sciences and the industrial sectors,” said Lloyd. “The growth of these sectors should mitigate some of the uncertainty being created by COVID.”
Read more about IMC Construction in the Philadelphia Business Journal.