Liang 2023 Is The Construction Industry More Concentrated After The Covid 19 Pandemic An E

Summary

A conference paper by Yunping Liang of Concordia University and Jung Hyun Lee of Roger Williams University, published in 2023 in EPiC Series in Built Environment Volume 4 (pp. 605-613) from the Proceedings of the 59th Annual Associated Schools of Construction International Conference. It studies whether the U.S. construction industry became more concentrated after the COVID-19 pandemic, using revenue data from 2004 to 2021 from the Engineering News-Record Top List of Contractors. The paper reports that, unlike the Great Recession, which enlarged the revenue gaps, there is no evidence yet that the pandemic caused noteworthy disruptions to the revenue gap, and it regards the Paycheck Protection Program and the Infrastructure Investment and Job Act as effective stabilizers until the beginning of 2022. The authors call for more longitudinal and sectional data.

Summary drafted by a model from the document's text below and checked by script against that text before publication. It is a navigation aid, not a reading of what the document proves. Where AI is used

Full text

Text recognized from a scanned document; may contain errors.

EPiC Series in Built Environment aii

Environment

Volume 4, 2023, Pages 605-613

Proceedings of 59th Annual Associated Schools
of Construction International Conference

Is the Construction Industry More
Concentrated After the COVID-19 Pandemic? An
Empirical Study on the U.S. Revenue Data from 2004
to 2021

Yunping Liang Jung Hyun Lee
Concordia University Roger Williams University
Montreal, QC Bristol, RI

As a most important industry in the U.S., the construction industry faces multiple challenges since
the COVID-19 pandemic. Backed by government interventions that have helped streamline
construction projects, however, the aftermath of the pandemic is still vague. One of the imperative
issues to be examined is the construction market concentration since the pandemic, especially how
it is compared to the Great Recession. This study statistically analyzes the revenue gaps among the
U.S. construction companies and the changes of their revenue rankings. This study uses the data
from Engineering News-Record Top List of Contractors. The results show that unlike the Great
Recession, which obviously enlarged the revenue gaps, there is no evidence yet demonstrating that
the COVID-19 pandemic caused noteworthy disruptions to the revenue gap among construction
companies. The government interventions, such as the Paycheck Protection Program and the
Infrastructure Investment and Job Act, are regarded as effective stabilizers, until the cutoff of data
collection at the beginning of 2022. The medians of ranking changes across years generally remain
stable, including the period of pandemic. The study also indicates the necessity to include more
longitudinal data and sectional data to explore long-term impacts and sector-wise conditions.

Key Words: COVID-19, Construction Industry, Market Concentration, Empirical Study

Introduction

The toll of the COVID-19 pandemic affecting the global economy has been significant. The U.S.
construction industry is no exception. It is shadowed by the general economic status of the nation,
albeit being declared as an essential business during the stay-at-home orders. Many owners canceled
their projects, causing delays in the completion of ongoing projects and increasing the construction
cost (AIA Group 2020). Thanks to the continuous government interventions, such as the Paycheck
Protection Program and the Covid-19 Relief Package, many construction projects that were halted due
to the pandemic have been back on track (Karakaplan 2021). Nonetheless, many firms in the

T. Leathem, W. Collins and A. Perrenoud (eds.), ASC2023 (EPiC Series in Built Environment, vol. 4),
pp. 605-613
Is the Construction Industry More Concentrated After the COVID-19 Pandemic? ... Liang and Lee

construction industry continue to experience the after-effects of the pandemic, such as a shortage of
construction materials and rising inflation, which lead to increased competition and decreased profits.
Despite the optimistic view towards the construction industry by the chief economist of Associated
Builders and Contractors (Obando 2022), the United States has practically entered a recession after
two consecutive quarters of economic contraction, according to the data by the Bureau of Economic
Analysis as of the second quarter of 2022 (BEA 2022).

Looking back at the Great Recession, firms in the construction industry diverged greatly in their
responses to the recovery from the unprecedented crisis starting from December 2007 (Biérck et al.
2020). The construction firms in the bottom quintile were hit much more severely by the disruption. A
quarter of those bottom-quintile firms failed to make a profit, while more than a quarter of the top-
quintile firms made positive returns (Bidrck et al. 2020). In the age of corporation inequality, a small
percentage of top-earning companies earn significantly more profits than their competitors (Bloom
2017). Moreover, these top-earning companies are more and more likely to maintain their dominant
positions, while other corporations are less and less likely to grow and become profitable
(Govindarajan et al., 2019). Many businesses outside the top tier are vulnerable to changes in
circumstances over which they have no control, such as an economic crisis or a pandemic. As a result,
they exhibit relatively low resilience in terms of adaptability and flexibility (Smallbone et al. 2012).

Researchers have introduced varied perspectives to explain the unbalanced impacts by the Great
Recession to construction companies at different sizes. For instance, Tansey et al. (2014) found that
contractors gained resilience by tending to adopt the most differentiation strategies, which help
distinguish themselves from their competitors. The discussions originally focusing on the economic
downturn during the Great Recession resume when there are accumulating evidences on the arrival of
a new, post-pandemic economic downturn. For example, Bistrova et al. (2021) suggest that in order to
survive the economic downturns caused by the COVID-19 pandemic, businesses should be more
innovative, flexible, and productive than their competitors.

Before proceeding with the discussion, it is necessary to examine if the revenue gaps among
construction companies are widened since the pandemic, like what happened during the Great
Recession. Or if the pandemic brings opportunities to many companies by narrowing the gap between
giants and others? It is also unclear if the pandemic consolidates the rankings or brings more changes
to the rankings. The exploration on the revenue and the exploration on the change of revenue ranking
echo the above-mentioned studies by Bloom (2017) and Govindarajan et al. (2019), respectively.
Revenue reflects cross-sectional status, while the change of rankings indicates trends. Even though
Phillips and Bousquin (2021) assert that the COVID-19 has ununiformly affected construction
companies through soaring material prices and increased competition, it is neither endorsed by
empirical data nor rigorous statistical analysis. Narrowing the identified gap by statistically analyzing
related empirical data is the point of departure of this study.

Research Questions, Data Collection, and Methodology

The overarching objective of this study is to empirically examine the patterns of market concentration
in U.S. construction industry since the COVID-19 pandemic. Market concentration, a term originated
from economics, measures the extent to which market shares are concentrated between a small
number of firms. In this study, market concentration is indicated by the revenues of companies. To
achieve this objective, the study proposes two specific research questions: (1) Whether the revenue
gap between giant U.S. construction companies and others is widened, when it is compared to the

606
Is the Construction Industry More Concentrated After the COVID-19 Pandemic? ... Liang and Lee

period before the pandemic? and (2) Whether the market positions (measured by revenue rankings) of
U.S. construction companies are consolidated, when they are compared to the period before the
pandemic? The disruption by the pandemic will be compared with the counterpart by the Great
Recession, which lasted from December 2007 to June 2009 in the U.S. (Rich 2013), to gain insights
on the ongoing crisis.

The data used in this study come from Engineering News-Record (ENR) Top List — Contractors.
Every year, the list ranks largest U.S.-based general contractors based on their annual revenue in the
year before. The rankings, together with the news and cost indices by ENR, have been widely applied
in studies published on well-recognized construction journals (e.g., Ashuri and Lu 2010, Liang et al.
2022, and Vashani et al. 2016). The ranking data used in this study cover top 100 companies from
2005 to 2022, which reflect their corresponding annual revenues from 2004 to 2021. The dataset has
1,800 observations (= 100 companies x 18 years), and each observation contains the company name,
ranking of the year, and the revenue of previous year. The rationale of using “top 100” is threefold.
First, that is a well-established tradition of company ranking (e.g., Forbes 100). Second and more
importantly, the use of top 100 companies can satisfyingly serve the research objective — exploring
whether the gaps between construction giants (i.e., those well-known companies occupying enormous
market shares) and others are widening. As shown in Table 1, the revenues of the 100" companies
have always been relatively negligible, compared to the 1*' companies. Even though the names of
first-ranked companies are familiar to most construction professionals, the names of 100" companies
are probably unheard. Therefore, it is reasonable to claim that the involvement of top 100 has covered
both “giants” and “others”. This empirical evidence is aligned with the Law of Proportionate Effect —
a classic principle established by Gibrat (1931) — claiming that the typical size-distribution of firms is
positively skew, with a few large firms and many other firms. Furthermore, the results in Table 1 echo
the results of another recent study: Coughran (2019) sampled 363 industrial and nonresidential U.S.
construction companies ranging from $1 million to over $1 billion in revenue. Goughran found that
51.4 percent of those firms are in the ninth or tenth decile, earning less than $100 million per year.
Third and practically, although there are indeed a number of companies smaller than the 100"
companies, such as some local firms, their revenues are hard to track and validate. Therefore, a cutoff
of 100 can provide sufficient data to examine if the gap between giants and other construction
companies is enlarged.

Table 1

Relative sizes of the 100" companies to the 1 companies — descriptive statics from 2004 to 2021

Median Average Maximum Minimum
3.10% 3.64% 6.88% 1.98%

The following research steps were adopted to achieve research objectives:
1. (For research objective#1) Fitting a Pareto distribution to the revenue and ranking data. The
relationships between the size of a company and the ranking of a company have been found generally
approximating the Pareto distribution, as denoted by Equation (1) (Hart 1962).

logS=a+b-logR Equation (1)

where S is the size of a company measured by revenue, and R is the ranking of a company in order of
size. The coefficient b is the Pareto coefficient, which is an indication of the gap between different

607
Is the Construction Industry More Concentrated After the COVID-19 Pandemic? ... Liang and Lee

companies: a larger absolute value of b means that the revenue gap between two companies with
consecutive rankings is greater and the market is more concentrated.

2. (Step 2 to Step 4 are for research objective#2) Calculating descriptive statistics of the change of
ranking from 2005-2022. The change of ranking is denoted by Equation (2)

C;; = li - Ri, Equation (2)

uj
where C;,; is the change of ranking of an i company in the year of j, R,,; is the ranking of the same
company in the year before. i € [1,100], j € [2005,2022], i,j € Z*. This step illustrates how the
patterns of change of ranking (i.e., a measurement of the consolidation of market position) evolve
across years.

3. Conducting Shapiro-Wilk normality test, a commonly-used test for univariate normality (Shapiro
and Wilk 1965), on the changes of ranking within a same year (i.e., C; ;*, where j* is a constant).
Normality assumption — the distribution of data within each group (i.e., changes of ranking within a
same year in this study) is normally distributed — is a premise of the one-way ANOVA (analysis of
variance) to be performed in the next step.

4. Using one-way ANOVA (when normality test passed) or equivalent nonparametric test (when
normality test failed) to test if the mean values of the changes of ranking across years are statistically
significantly different. This step empirically examines if the changes of ranking during the COVID-19
pandemic demonstrate different patterns. In other words, this step provides statistical evidence on if
market positions of construction companies are more consolidated due to the pandemic.

Results and Discussions

Table 2 shows the parametric details of Pareto distribution fitting (i.e., research step#1). The values of
adjusted R? and p-values confirm the strong explanatory capability of Pareto distribution in terms of
the relationship between the size of a company (measured by revenue) and the ranking of a company.
The revenue gap between construction companies, measured by the absolute value of b (a
dimensionless quantity), is as shown in Figure 1.

Table 2

Pareto distribution fitting of the relationships between a company’s revenue (2004-2021) and
ranking (2005-2022)

Year (byrevenue) a b Adjusted R?__ p-value Note

2021 4.51 -0.74 0.95 < 2.2 x 10716 The period of
2020 4.48 -0.73 0.96 < 2.2 x 10716 COVID-19

2019 4.50 -0.75 0.97 < 2.2 x 10716 The pre-pandemic
2018 4.52 -0.77 0.98 <2.2 x 1071 era

2017 4.50 -0.78 0.98 <2.2 x 1071

2016 4.50 -0.79 0.99 < 2.2 x 10716

2015 4.52 -0.82 0.99 < 2.2 x 10716

2014 4.58 -0.88 0.99 < 2.2 x 10716

608
Is the Construction Industry More Concentrated After the COVID-19 Pandemic? ... Liang and Lee

2013 4.59 -0.90 0.99 <2.2 x 10716

2012 4.54 -0.88 0.98 <2.2 x 10716

2011 4.51 -0.88 0.99 <2.2 x 1071

2010 4.49 -0.90 0.99 <2.2 x 1071

2009 4.59 -0.94 0.98 <2.2 x 1071 The Great

2008 4.56 -0.86 0.98 <2.2 x 1071 Recession

2007 4.45 -0.81 0.97 <2.2 x 10716

2006 4.40 -0.83 0.97 < 2.2 x 10716 The pre-recession
2005 4.41 -0.89 0.98 <2.2 x 1071 period

2004 4.36 -0.88 0.99 <2.2 x 1071

* This column will be 2005-2022 if it was by rank. Because the ranking of a certain year is based on
the revenue of the previous year (e.g., the ranking of 2022 is based on the annual revenue of 2021).

1
0.95 Pre-recession _. Ressesion Pre-pandemic COVID
0.9
0.85
0.8

0.75

Gap between companies

0.7
0.65

0.6
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Year (by revenue)

Figure 1 Revenue Gap between Construction Companies from 2004 to 2021

As shown in Figure 1, the revenue gap between construction companies was enlarged by around
116% during the Great Recession. During the period before recession (i.e., 2004-2007) and the period
after the recession (1.e., 2010-2019), the revenue gap was narrowed by around 4%/year and 2%/year,
respectively. As to the U.S. COVID-19 timeline, the first lab-confirmed case happened in January
2020, and the first shutdown happened in March 2020. Until the end of 2020, most States in the U.S.
had lifted their shutdowns (CDC 2022). During 2020, the first year of the pandemic, the revenue gap
between construction companies continued the previous decreasing trend with a rate of around
3%/year. In the second year (i.e., 2021), the revenue gap stopped going downwards and rose slightly
by 1%. However, it is too early to call that the pandemic reverses the narrowing trend of revenue
gaps. Current empirical evidence can confirm that until two years after the outbreak of the COVID-19
pandemic, there is not yet an obvious disruption to the revenue gap between construction companies.
This is very different from the last crisis — the Great Recession.

Table 3, Figure 2, and Figure 3 show the results of research step#2 and #3. Since the normality
assumption was rejected, Kruskal-Wallis (K-W) test — a non-parametric equivalence of one-way
ANOVA - was performed on the 18 groups of change of ranking (i.e., 2005-2022). Corresponding to
research step#4, the K-W test examines whether samples originate from the same distribution
(Kruskal and Wallis 1952). The results of K-W test fail to reject the null hypothesis — the medians of
all groups are equal. The details of K-W test are shown in Table 4.

609
Is the Construction Industry More Concentrated After the COVID-19 Pandemic? ... Liang and Lee

The medians of ranking change across years generally remain stable, even during the Great Recession
and the COVID-19 pandemic. The mean of medians is 5.25 out of 100. Compared to the Great
Recession period, the mean value of ranking change and the standard deviation of ranking change are
less during the pandemic, which implies the market positions of construction companies are generally
more consolidated. This statement can also be supported by less large outliers in terms of ranking
change during the pandemic (Figure 2).

Table 3

Descriptive statistics and normality test of the changes of rank from 2005 to 2022 (SD = standard
deviation, S-W = Shapiro-Wilk)

Year

2022 2021 2020 2019 2018 2017 2016 2015 2014
Mean 7.81 9.37 13.89 12.67 9.30 8.88 8.30 9.87 10.17
Median 5 6 9 4 5 4 5 6 5
SD 8.02 13.65 14.58 22.84 10.59 11.20 9.27 11.64 18.54

2013 2012 2011 2010 2009 2008 2007 2006 2005
Mean 10.98 12.27 9.28 13.34 15.55 11.82 12.21 10.13 8.67

Statistics

Median 5 5 4 7 6 4.5 5 4 5
SD 17.28 23.89 12.76 18.73 37.23 35.93 18.30 21.71 13.37

*The null hypothesis of S-W test is the data is normally distributed. The minimal value of S-W test
that can be calculated is 2*10-!°

Overall, the COVID-19 pandemic has not yet brought obvious shocks, neither increase or decrease, to
the revenue gap between U.S. construction companies and suggests a more consolidated profile of
market positions. That constitutes a sharp contrast with the Great Recession, which enlarged the
revenue gap and triggered more position changes. According to the Federal Reserve Bank (Sahin et al.
2011), there is a disproportionate relationship between the decline during the Great Recession and the
size of company. The smaller the company, the more significant difficulties in raising funds for
regular operations or new investments may occur. Compared to the companies which have more
diversified sources of financing, companies smaller in size tend to heavily rely on bank loans. For
instance, the balance-sheet data surveyed by the Federal Reserve Bank of New York show that bank
loans account for 2/3 of the total debt of small companies, while the number is 4 for large companies.
And bank loans declined significantly since the start of Great Recession. The study by the Federal
Reserve Bank further points out that the Great Recession leads to shrunk total needs, which
exaggerates the existing disadvantaged status in competitions of many companies. However, the
COVID-19 pandemic suggests a very different context. First, the Coronavirus Aid, Relief, and
Economic Security (CARES) Act became law in March 2020. As one of the key provisions, the
Paycheck Protection Program (PPP) managed by the U.S. Small Business Administration provided
$669 billion in assistance, with 90% of the funds allocated by the first week of May 2020 (Kapinos
2021). Furthermore, the 1.2 trillion Infrastructure Investment and Jobs Act became law in November
2021, which can be dated back to the American Jobs Plan first proposed in March 2021. The massive
infrastructure investment plan suggests a very different scenario in terms of the confidence to U.S.
construction market compared to the days during the Great Recession. Nevertheless, it is worthy to
note that current empirical evidence can only support statements on the impacts until the beginning of
2022. It is too early to examine the long-term impacts of the COVID-19 pandemic on the revenue gap
between U.S. construction companies and to evaluate the effectiveness of government interventions.

610
Is the Construction Industry More Concentrated After the COVID-19 Pandemic? ... Liang and Lee

The vibrant merger-and-acquisition activity in U.S. construction industry since 2010 helps giant
construction companies consolidate their market positions and can explain the stable ranking changes
across years. Giant construction companies tend to become more competitive after merging smaller
but capable competitors. The activity slowed down during the Great Recession as a result of paralysis
over business climate and resumed again afterwards (Rubin 2010). The suspension of merger-and-
acquisition paused the consolidation and brought more changes of market positions. However, the
current crisis suggests a context different from the Great Recession: in addition to the stimulus to
infrastructure sectors, the housing market remains hot during the pandemic (Florida 2022).

Table 4

Results of Kruskal-Wallis test with the null hypothesis that the medians of all groups are equal

Chi-squared Degree of freedom p-value
17.28 17 0.44
2 =|
€e4 ° 2
& ~ °
2 | A ; &. i ° °
= 6 ° 3 8 ©
2 oi ° 8 s 3 e g 4 St ic ; 8
T T T T T T T T T T T T T T T T T T
2005 2007 2009 2011 2013 2015 2017 2019 2021

Year

Figure 2 Boxplot of change of ranking from 2005 to 2022 (original plot)

ao

q

1
' °
1
1
1
1
1
1
1

Rank.change

10

4 EL }-----4¢ ooo qd

° °
° 8 8 ° ° T
T TT T TTT

2005 2007 2009 2011 2013 2015 2017 2019 2021

Year

Figure 3 Boxplot of change of ranking from 2005 to 2022 (outlier-removed)

Conclusions and Future Works

This study responds to the concerns if the U.S. construction industry is more consolidated since the
COVID-19 pandemic. Both absolute revenue (measured by U.S. dollar) and relative revenue

611
Is the Construction Industry More Concentrated After the COVID-19 Pandemic? ... Liang and Lee

(measured by revenue ranking) were examined, using the data from ENR. The results of statistical
analysis show that until the beginning of 2022, no obvious disruptions on the evolvement of revenue
gap have incurred. Over the past 18 years (including the pandemic period), the revenue gap between
U.S. companies generally narrows except the period of the Great Recession. The analysis also shows
that the change of ranking across years generally remains stable, despite the higher volatility during
the Great Recession. The impacts of the two crises, i.e., the pandemic and the Great Recession, on the
market concentration of the U.S. construction industry are very different. By comparatively analyzing
the natures of the two crises with focuses on their impacts to the U.S. construction industry, the study
argues that government interventions are generally effective stabilizers, until the cutoff for data
collection in this study, i.e., the beginning of 2022.

The future works can be continued from two aspects: First, longitudinal data before 2004 and
longitudinal data since 2022 need to be involved. Currently, the pre-recession period only contains the
data from four years, and the COVID period only contains two-year data. The period of post-COVID
has not yet been constructed. Extended length of study can be expected to generate more robust
results. Second, the industry sector (e.g., transportation, industrial, and power) needs to be included as
an explanatory variable. The levels of market concentration of various industry sectors are different.
For instance, in 2021, top 20 transportation general contractors account for 56.4% of the total revenue
of top 400 transportation general contractors. The numbers are 82.6%, 73.5%, 96.9%, 92.2% for the
power sector, the industrial sector, the petroleum sector, and the telecommunication sector,
respectively (ENR 2022). The inclusion of industry sector can generate more specified results on the
pattern of market concentration.

References

AIA Group. 2020. March 2020 Special Report: Moving ahead, challenging times confront the design
professions (Issue April).

Ashuri, B., and Lu, J. 2010. “Time Series Analysis of ENR Construction Cost Index” Journal of
Construction Engineering and Management, 136(11): 1227-1237.

BAE (Bureau of Economic Analysis). 2022. Gross Domestic Product, Second Quarter 2022

Biérck, J., Sjédin, E., Blanco, J. L., Ribeirinho, M. J., & Rockhill, D. 2020. How construction can
emerge stronger after coronavirus. McKinsey & Company.

Bistrova, J., Lace, N., & Kasperovica, L. 2021. “Enterprise Crisis-Resilience and Competitiveness.”
Sustainability, 13(4): 2057.

Bloom, N. 2017. Corporations in the Age of Inequality. Harvard Business Review.
CDC (Centers for Diseases Control and Prevention) 2022. CDC Museum COVID-19 Timeline

Coughran, S. 2019. What You Need to Know About the Construction Industry’s Earnings Gap.
Construction Business Owner.

ENR. 2022. The Top 400.

Florida, R. 2022. “How the ‘Rise of the Rest’ Became the ‘Rise of the Rents’” Bloomberg.

612
Is the Construction Industry More Concentrated After the COVID-19 Pandemic? ... Liang and Lee

Gibrat, R. 1931. Les Inégalités économiques, Paris.

Govindarajan, V., Lev, B., Srivastava, A., & Enache, L. 2019. The Gap Between Large and Small
Companies Is Growing. Why? Harvard Business Review.

Hart, P.E. 1962. “The Size and Growth of Firms” Economica, New Series, 29(113): 29-39.

Kapinos, P. 2021. The Paycheck Protection Program: Conditional Success or Unconditional Failure?
Federal Reserve Bank of Dallas.

Karakaplan, M.U. 2021. “This time is really different: The multiplier effect of the Paycheck

Protection Program (PPP) on small business bank loans” Journal of Banking & Finance,
133:106223.

Kruskal, W.H., and Wallis, W.A. 1952. "Use of ranks in one-criterion variance analysis". Journal of
the American Statistical Association, 47(260): 583-621.

Liang, Y., Baral, A., Shahandashti, M., and Ashuri, B. “Availability Heuristic in Construction
Workforce Decision-Making amid COVID-19 Pandemic: Empirical Evidence and Mitigation
Strategy” Journal of Management in Engineering, 38(5): 04022046

Obando, S. 2022. Did the US just sink into a recession? ABC Chief Economist Anirban Basu predicts
next year to be fraught with risk. ConstructionDive.

Phillips, Z., & Bousquin, J. 2021. Fluor’s revenue falls, Granite posts gain. Construction Dive.
Rich, R. 2013. The Great Recession, Federal Reserve Bank, Cleveland, Ohio

Rubin, D.K. 2010. “Industry Merger-and-Acquisition Activity Is Gaining Steam” Engineering News-
Record

Sahin,A., Kitao, S., Cororaton, A., and Laiu, S. 2011. “Why Small Businesses Were Hit Harder by the
Recent Recession.” Current Issues in Economics and Finance, 17(4). Federal Reserve Bank
of New York.

Shapiro, S.S. and Wilk, M.B. 1965. “An Analysis of Variance Test for Normality (Complete
Samples)” Biometrika, 52(3/4): 591-611.

Smallbone, D., Deakins, D., Battisti, M., & Kitching, J. 2012. “Small business responses to a major
economic downturn: Empirical perspectives from New Zealand and the United Kingdom.”
International Small Business Journal, 30(7): 754-777.

Tansey, P., Spillane, J. P., & Meng, X. 2014. “Linking response strategies adopted by construction
firms during the 2007 economic recession to Porter’s generic strategies.” Construction
Management and Economics, 32(7-8): 705-724.

Vashani, H., Sullivan, S.J., and El Asmar, M. 2016. “DB 2020: Analyzing and Forecasting Design-

Build Market Trends” Journal of Construction Engineering and Management, 142(6):
04016008.

613


File and source

File

liang-2023-is-the-construction-industry-more-concentrated-after-the-covid-19-pandemic-an-e.pdf

Size

605,048 bytes

SHA-256

4adef15fdcb07acd6e41b3a85f564ddc610b819508e22c9afa83fdfb381fc868

Our copy

liang-2023-is-the-construction-industry-more-concentrated-after-the-covid-19-pandemic-an-e.pdf

Original

easychair.org