How do contractors really feel about the economy? Just check Google.
According to a new report from Flexbase, queries for âconstruction recessionâ are being Googled at levels mirroring 2008.
Since 2004, there have been three spikes in searches that averaged 400% or more over the baseline:
While Google canât pinpoint exactly who the searchers are, itâs highly likely that the 7 million people employed in the construction industry are worried and heading to the Internet to do some research.
Looking for advice, solutions or a place to commiserate, contractors have also found some solace in online forums and communities such as Reddit, an online network of communities based on interests, and Hammr, an online community just for contractors.
In the past month, there have been more Reddit threads about a recession impacting the construction industry than since the beginning of the pandemic, says the report.
âYeah, people are fearful,â Brek Goin, founder and CEO of Hammr, says bluntly. âConstruction has shown it can handle rising rates, but many businesses are unsure if they can handle a recession. Cash is king. Businesses are cutting costs. The ones who can weather storms are feeling optimistic about acquiring new talent as the labor market reshuffles.â
