Corona Virus Impact on Labor Costs ("Smaller" SFR jobs)

[Keazy Moto]

With the incoming (some say current) recession that we will be facing, discretionary income will be lower.  For the "smaller" mom and pop type families that want to add a master bathroom/bedroom, remodel their kitchen, or add a second story, they will likely not have the means, or want to jump into such a project during these uncertain times.  How will this effect sub contractors and the smaller scale general contractors?  I'm not talking about the large infrastructure projects or larger apartment units by bigger well-known developers.  On the smaller scale projects, the demand for these types of projects has to drop right?  Sub contractors are likely to be lowering their bids in order to get work for their guys right?

I had been working with three GCs prior to covid and had already secured bids for a smaller SFR addition and new 2nd unit addition. One of the GCs has been constantly reaching out to us to see if we'd made a decision as he does not have any jobs currently lined up. It sounds like another GC has three teams and currently has work. I'm thinking in a few months once all of the current projects finish up there will likely be a lack of jobs available.

How do I navigate these difficult times and ask for a re-bid, taking into account the likely decline in labor costs without coming off as a jerk?  Is it wrong for me to think I could get a little bit shaved off my bids?  (This is my first project by the way...)

-potentially insensitive jerk investor