2020 CIRT Sentiment Index: Third Quarter Report
The third quarter of 2020 experienced a return of optimism in both the overall Sentiment Index and in the Design Index segment when compared with last quarter’s results. The Sentiment Index surged from 21.6 to 52.1, while the Design Index increased from 39.8 to 49.3, historic rises in both measures. This rebound appears to reflect improved confidence through the end of the year, particularly compared to the significant losses experienced during the second quarter. Government stimulus, relaxing of social distancing restrictions, states reopening businesses and travel, as well as improved client confidence have all contributed to improved expectations, especially across construction-focused members. However, if the Design Index continues to remain below 50, it would tend to indicate or suggest fewer construction opportunities in the future.
Current issues topics in this quarter’s survey addressed perceived change in worker productivity, compensation adjustments, sources of news information and U.S. versus international recovery. Just over half of all respondents reported productivity declines on active job sites following social distancing policies (52%), and just under one-third reported lower productivity among office staff (31%). Going forward, most remote work policies will include more flexibility (89%). For domestic and international social, economic and political news, respondents primarily rely on newspapers (62%) and television news networks (52%). For design and construction industry news, respondents most frequently utilize internet news aggregators (65%) and magazines (59%). Lastly, fifty percent of respondents expect the U.S. will recover faster compared to other foreign countries, while (23%) see the timing about the same with another (21%) that suggest recovery timing and performance will be mixed. Only (5%) expect U.S. will be slower compared to other foreign countries.
