With 2017 in full-swing, many in the construction industry want to know what the rest of the year holds. Will construction be on the rise, or do projections favor a downward trend? Well, according to the American Institute of Architects (AIA) semi-annual Consensus Construction Forecast, business looks good! According to the study, nonresidential-building spending should see close to 6% in growth. This number is only a bit below last year’s growth, which is great news overall. It shows that construction isn’t slowing down anytime soon.
To break it down a bit further, the biggest area of growth in the commercial sector will be office space construction. At 10.6%, the area seems to have promising opportunities if one knows where to look. Also, retail and hotel projects hold appealing opportunities at 6.8% and 7.2% respectively. Keep in mind, this is in addition to the potential infrastructure boom proposed by President Trump. If these numbers become finite, 2017 will shape up to be a great year for the industry, and it couldn’t come soon enough.
One of the other benefits of strong nonresidential construction is the jobs it can create. While it may become a challenge to find new personnel, the investment will be worth it. On this subject AIA states: “Entering 2017, the industry is looking forward to another couple of years of healthy growth. The economy in general is doing well, with healthy job growth, rising wages, low interest rates, and very strong levels of business and consumer confidence.” Investing in and beefing up your staff operations now will allow you to take on more work over the next few years. But, with more work and more personnel, safety needs to be your priority.
Here at Strong Man, we want to see you succeed while staying safe. As your operations grow, we want you to have access to nothing but the best. We take pride in being the nation’s number 1 supplier of debris netting and weather enclosures, but we also view it as our responsibility. If you have any questions, we’re always happy to help in any way we can. 2017 is shaping up to be a great year for our industry. Make sure you stay safe out there with the help of Strong Man.