Coronavirus could cost the construction industry $400 million over the course of a year.
At any given period, the adjective “precarious” is never really connected with Bangladesh’s real estate industry. The belief is that as long as people have basic housing necessities, the industry will rebound and thrive after its little hiatus.
However, while the real estate sector appears to be immune to the coronavirus’s direct impact, its ancillary sectors and the construction sector are not. This, in turn, has the potential to have serious ramifications for the housing market as a whole.
Except for a few government development projects, the construction and real estate sectors are in a sort of midpoint. The fate of millions of official and informal workers in the steel, cement, and construction industries, not to mention hundreds of businesses, is in jeopardy. According to the president of the Bangladesh Steel Mills Owners Association, steelmakers lost Tk35 crore, or more than $4 million, in the first two weeks of March alone. According to the Asian Development Bank (ADB), the construction industry could lose $400 million in a year owing to the coronavirus outbreak.