When we made predictions for 2020, no one could have imagined the changes wrought by the COVID-19 pandemic. As the nation slowed and businesses shuttered, some construction workers were initially not deemed “essential.” But as that classification changed — and companies found ways to operate as the coronavirus persisted — the roofing industry remained nimble and ended the year strong.
In the third quarter of 2020, the United States saw the GDP increase by a record 33.1%, but that followed a historic 31.4% fall in the second quarter as the economy grappled with COVID-19. As the year ended, the GDP was still 3.5% lower than before the pandemic. Decreases in public and personal consumption offset positive investments in business and housing. Of the 22 million jobs lost, only about half were recovered.