Some have predicted the overall supply chain crisis may begin to ease, possibly in the second half of 2022, as consumer demand cools, inventory levels stabilize, and shipping capacity approaches pre-pandemic levels. (Credit: sirisakboakaew/Adobe Stock)
Since early 2020, contractors and construction teams have faced skyrocketing material costs and labor shortages, which have unexpectedly exacerbated the cost of doing business and contributed to the compounding nature of the global supply chain crisis.
Insurers are facing a difficult time because, for contractors that rely on bonding lines to run their businesses, it's increasingly clear that developers and construction professionals aren't communicating and finding compromises, especially on project timelines, which would enable construction to cross the finish line despite challenging economic conditions.
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