Strategies Employed and Lessons Learned by Commercial Construction Companies during Economic Recession and Recovery
Publication: Journal of Construction Engineering and Management
Volume 143, Issue 7
Abstract
The purpose of this research was to identify strategies used and lessons learned by western U.S. commercial construction companies during the great recession (2007–2009). The experience gained by companies who weather an economic downturn must be absorbed into the corporate structure in a meaningful way if that knowledge is to be accessible for future recessions. This study focused on identifying and better understanding the specific approaches that commercial construction companies employed to weather the great recession and the corresponding lessons learned. A stratified purposeful sampling survey was conducted across 15 different commercial construction companies and included 57 participants in various management roles. This paper provides a comprehensive list of 124 different strategies or lessons learned across six principal categories: (1) contracting, (2) risk management, (3) cost-control, (4) human resources, (5) financial, and (6) investment related responses. This paper also provides recommendations for commercial construction companies to consider during various economic cycles on the basis of the lessons learned during this recession and recovery.
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Information & Authors
Information
Published In
Journal of Construction Engineering and Management
Volume 143 • Issue 7 • July 2017
Copyright
©2017 American Society of Civil Engineers.
History
Received: Jun 14, 2016
Accepted: Dec 1, 2016
Published online: Mar 10, 2017
Published in print: Jul 1, 2017
Discussion open until: Aug 10, 2017
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