When breaking down certain industrial sectors of the U.S economy, Whitehouse noted the COVID-19 pandemic negatively impacted growth rates of all the major end U.S. markets. The construction sector, specifically, is projected to be down 10-20% in 2020, but recovering its growth rate between 5-7% in 2021.
Expanding on the U.S. construction and infrastructure markets, Whitehouse commented that at the outset of COVID-19, many of these projects continued fairly well, noting that transportation has generally become easier due to decreased traffic volumes, and the fact that contractors and suppliers were deemed as essential businesses.
As the country deals with the pandemic longer, however, additional factors may have an impact. This includes reduced productivity rates and decreased state level funding for infrastructure projects that may hinder additional growth. “Nevertheless,” Whitehouse said, “U.S. infrastructure has high growth potential from the increasing need of people movement, replacing of aging structures and to provide resiliency to extreme weather events.”
Turning toward composites manufacturers specifically, Whitehouse notes competition from larger steel, aluminum, and concrete companies as a possible barrier to success for the composites industry, as typically, composites manufacturers do not have the same size or reach. Whitehouse stated that composites companies can succeed here by “developing and combining smaller composites businesses to offer a wider range of products and processes, provide more efficient sales and marketing channels, and provide turnkey solutions including design, manufacturing, assembly construction and on-site assistance. We need to be bigger, but also we need to be better,” he said.
Whitehouse stressed that even in these most uncertain of times, one of the main keys to business success remains tried and true: focusing on the customer. “The question should always be, how do we make the customer’s life easier?” he said and pointed to another fundamental: “When the customer wins, we win.”
