3,000 companies in the construction sector will stop operating due to Covid-19: CMIC

MEXICO  — The construction industry is already facing a complicated liquidity situation, and there are 3,000 small and medium-sized companies that will permanently stop operating, as they cannot sustain their workforce after the suspension of operations due to the Covid-19 pandemic, said Eduardo Ramírez Leal, president of the Mexican Chamber of the Construction Industry (CMIC).

“We have 3,000 companies, mainly small and medium-sized, already with liquidity problems, they simply cannot function anymore, they stopped having income a few weeks ago and surely many of them can no longer support their workforce,” said the executive in the framework of a Concamin videoconference.

Ramírez Leal highlighted that the construction industry has a great capacity to reactivate the economy, as well as a multiplier effect with contribution to employment GDP and an impact on production chains; “The Inegi has 262 produced branches listed and the construction industry has an impact on 185 of them.”

Source: El Economista