I've been getting bombarded with calls from contractors lately, especially those who quoted me on projects nearly a year ago. They seem to be following up to see if I'm still interested in moving forward. It's weird because last year, it was tough to get anyone to even respond. Is anyone else experiencing this? Could it be related to the economic slowdown?
3 Answers
The economic uncertainty playing out right now is causing a drop in demand. People are hesitant about recessions and job security, making them careful about taking loans. Just this week, I got two follow-ups on different projects, and they seemed more connected to the current climate than coincidence.
As a general contractor, I've noticed a significant slowdown on the commercial side of things. While I'm still busy, many of my competitors are struggling, and I've even had subs reaching out looking for work. This really isn't the norm for the last few years. It definitely seems like the economic conditions are shifting.
I'm a designer and while I'm still busy, I've had a lot of contractors reaching out to see if I need bids on any new projects. The prices have been outrageous the last couple of years, so I totally get why their workload is drying up. It's a strange time for everyone right now.