The Finishing Contractors Association recently provided a general analysis of the economy and its impacts in the construction world. Per their report, the National Bureau of Economic Analysis recently indicated that the U.S. recession began in February. The worst of the downturn appears to have occurred in April, when the nation lost more than 20 million jobs, nearly reversing all of the job gains produced during the now-ended economic expansion. Unemployment stood at 13.3 percent in the United States in May and at 13.7 percent in Canada. Strong economic performance pre-crisis had induced many people to join the labor force. In January 2020, before COVID made its mark in North America, the labor force participation rate was 65.4 percent in Canada and 63.4 percent in America. To be part of the workforce, one must either be working or looking for work. By April, labor force participation in both Canada and the U.S. had declined to around 60 percent, and it remains unclear whether or not many of the people who have departed the workforce will ever return. The upshot is that while the pandemic-induced downturn will likely prove a short one, its impacts will be long-lived. For finishing contractors, now is the time to revisit all guiding strategic principles. It will not be business as usual going forward, which means that only those contractors who adapt to the new reality will be positioned to thrive. Read the full analysis by clicking here.