ITR Economistspresented its economic outlook to the glazing industry at Glass Build last month, and “there’s no sugar coating it, the 9.9% decrease in quarter-over-quarter GDP between Q2 2019 and Q2 2020 is the worst since the Great Depression. It’s going to take a long way to claw our way out of it.”
ITR goes on to say, “collectively as a nation, the worst is behind us. Unfortunately for glazing contractors and suppliers you haven’t felt the full force of the pullback.”
The next chapter of this saga for the industry is “top of the funnel issues” — What projects didn’t get greenlighted to move forward? What projects aren’t going to get financed? All of these early stage things before you become involved hasn’t showed up for you at your level yet.”
“You might see more bid competition, more pricing pressure, you’re working twice as hard for less money than you were 7 months ago. That’s going to get worse before it gets better. There will be a lingering hangover…”
The question for you is how do I tighten this runway of backlog to keep cash flow going before things come back online?
Listen to this webinar for suggestions on what you can do to prepare.
The Architectural Glass and Metal Association (AGMA) is a trade association serving regional glazing contractors. AGMA represents our member companies by building mutually beneficial relationships and forming strategic alliances with key influencers to shape the greater Philadelphia construction environment. AGMA members understand working together has greater impact than working alone.