2016 will be an exciting time for residential and commercial construction companies, which means there will be plenty of opportunities for construction employees. According to Construction Dive:
- Spending on nonresidential construction projects will increase by around eight percent in 2016.
- New office and hotel projects are leading the commercial construction industry and those projections are expected to continue well into 2016.
- Nonresidential building projects are expected to reach nearly $390 billion in 2016, with a demand for healthcare and education buildings steadily increasing.
Though these numbers are impressive, many of these projections are actually lower than 2015. Construction firms can expect growth to slow somewhat, and then hold steady. What does all this mean for your construction firm? It means being prepared for any outcome is critical. Here are a few ways you can plan for the economic climate of the construction industry in 2016.
Create specific and detailed estimates
Creating specific checklists for project estimates helps you examine all aspects that play into the costs of a project, saving you two precious commodities: time and money. When you overlook costs on your estimate – which happens to the best construction project managers at times – a smooth and easy job can hit unexpected snags. Be knowledgeable about your labor rates, equipment costs and units of measure when ordering supplies.
Start a partnership with a staffing firm
A staffing firm can help you prepare for staffing challenges in 2016. With access to a talent pool filled with skilled tradesmen and contract laborers, you’ll be able to bring in temporary workers to tackle high-volume jobs or replace employees who leave unexpectedly. If your business increases in 2016, you can hire temporary workers to take on the heavier load. If business slows down, you can also outsource resources that may have once been in-house.
Maintain your assets – employees and equipment
In order to make sure you’re prepared for any economic climate, it’s essential to have processes in place that address your potential needs. Make sure your equipment is working properly and is in good shape. Keep detailed records of maintenance, updates and storage of tools and equipment so the job doesn’t get shut down due to unexpected equipment failures. In addition, create a basic employee recognition program to ensure morale, productivity and motivation stays high. Keeping your employees happy will reduce turnover and boost loyalty.
Create a plan for growth
There are many opportunities to create new growth in 2016; however, you can’t identify and explore them without a plan. Sit down with your construction project manager and financial advisor and decide when and how to expand your crew. Analyze the market to find areas where your specific skill set can be an advantage. And, remember, sometimes growing means cutting back and then expanding. 2016 could be the year you take your construction firm to the next level.
If you need additional workers to cover higher workloads or additional resources to help your construction firm expand, consider joining forces with CCS Construction Staffing. Our recruiters are well versed in construction needs and have their thumbs on the pulse of industry trends for 2016. We will not only be your partner in staffing; we’ll be your partner in success. Contact us today!