For the past several years, the outlook on construction starts has been a mixed bag at best. Some projects, like hotels and office buildings, have risen, while others, such as residential buildings, have plateaued or even fallen. However, 2015 looks to be the year almost all construction projects will really soar.
In fact, according to Dodge Data & Analytics, the construction industry is set for a 9 percent increase in business for 2015. This overall growth could mean more contracts, projects and profits across the board. This could also mean more demand for skilled workers and specialized employees.
While this 9 percent increase is great news for the industry and the economy, it’s not the only prediction for 2015. Changes in the construction industry are right around the corner – are you prepared?
Top 3 Predictions for the Construction Industry
Construction Industry Increases
Commercial buildings, single-family houses and multifamily housing projects will likely bump up in 2015. The U.S. economy has slowly bounced back from the great recession and this year is the climax of that revival. Businesses are expanding and families have the additional income they need to move into their dream homes. This particular industry was one of the hardest hit, especially after the housing collapse of 2008. Now it’s on the rise again.
Manufacturing Building Projects Decrease
Along with electric utility building projects, manufacturing building projects will see a slight decline in 2015. These two industries exploded during 2013-2014 and now the dust is starting to settle. The predictions claim the backslide will be minimal, but this could mean more competition among contractors vying for jobs.
Supply Conditions Unstable
The equipment and money you need to get the job done may be harder to get in 2015. Financing and bank credit standards are tight, and equipment costs are rising. On top of that, contractors are struggling to find good, reliable and experienced workers. Partnering with a staffing firm can open up access to a pool of permanent, temporary and temp-to-hire employees that will boost job site productivity.
So how will these predictions affect your business? For starters, it could mean that you have more work than you can handle. The upfront costs may be too staggering to take on a new job or you may lack the employees needed to keep the project on deadline. However, just simply knowing these possibilities could change everything.
Be prepared by talking to your bank now and searching for equipment you plan to use this year. Stay ahead of the game by giving CCS Construction Staffing a call. We can fill out your vacant positions with contract workers and temporary laborers who are all ready to work at a moment’s notice, so you never lose a day of progress. Our experienced recruiters can also connect with you the highly trained skilled workers you want to work permanently with your company.
As you consider the challenges you may face in 2015, remember you don’t have to do it alone. Contact CCS Construction Staffing and we’ll get a plan in place that boosts your productivity and profits.