2014 Roundup and 2015 Construction Industry Forecast
Construction industry experts are releasing their data on the state of the industry in 2014, and are making their predictions for what can be expected this year.
Houston was the fasted growing city in the US, according to Forbes, with over $25 billion in new construction and oil industry growth. Other areas that experienced significant growth in new construction were New York, Los Angeles, Washington D.C. and Dallas.
When looking ahead to 2015, economists at Associated Builders and Contractors are predicting another positive year. Contractors and construction companies should continue to experience increases in nonresidential construction spending, and opportunities for employment growth. This growth in nonresidential spending is closely related to the current American energy and industrial production resurgence.
Though this growth always comes with issues – such as compensations costs and skilled labor shortage – more craftsmen and contractors are beginning to partner with labor staffing companies to offset these concerns. Temporary labor staffing is popular in the construction industry as companies look to hire skilled laborers to complete jobs, but don’t have the overhead to take on new full-time employees. With material costs also expected to rise, this is a great way to keep overhead and operational costs low, while still ensuring highly trained and qualified workers are on your job site.
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