In the current economic environment, this late cycle industry is now being hit the hardest, with the headwinds of the global recession impacting backlogs and bid activity across the board. 2008 marked the peak of the construction boom in North America; during 2009, most contractors spent their resources working off existing backlog. The greatest concern now: moving forward on reduced backlogs as bid activity has slowed with new projects being cancelled or put on hold indefinitely.
Our Engineering & Construction group understands the challenges faced by contractors in the unprecedented challenges of these times. Waiting for the promise of government stimulus or project finance to come through does not enhance—in fact, it can actually worsen—the situation. Our seasoned team of professionals adopts a “can do” attitude and can assist in developing and executing a proactive strategy for contractors and their constituents in this daunting economic climate.
Conway MacKenzie has extensive experience working in distressed situations with general contractors, subcontractors, suppliers, lenders, sureties, government agencies, trade unions and project owners across all major specialties servicing the following end markets: