The construction industry has exploded over the past year or so. Last year, money spend on nonresidential construction soared to $360 billion! That number is projected to reach $390 billion this year. To put that into perspective, that’s about 87 times Donald Trump’s net worth, which is a new record for the industry. Here are a few construction industry trends to look forward to this year.
Unemployment in the construction industry is decreasing drastically. A recent survey conducted by the Associated General Contractors of America shows that construction unemployment is at its lowest rate since 2009. The organization also expects labor needs in the heavy and civil engineering construction sectors to increase due to the latest 5-year highway bill. However, because high schools have been shifting focus away from vocational careers and towards careers that require a college degree, the number of viable workers in construction has been shrinking. Due to less skilled workers in the field, the demand for competent workers is high, and more companies are hiring.
Less Parking Lots
Younger generations are increasingly foregoing buying cars and even getting licenses. After all, when you consider that one out of every three Millenial lives with their parents, buying and owning a car doesn’t seem like an economical choice for many struggling Millenials. As more people turn to public transportation, there is less and less of a need for parking lots in urban areas. That means that there will probably be less parking lots built this year. However, the recent 5-year highway bill suggests that construction energies will be turned towards highway maintenance. Plus, those old, leftover parking lots will likely eventually be constructed into something new.
The Great American Insurance Group estimates losses due to theft and vandalism in the construction industry to be “in the billions of dollars”. In order to combat these preventable losses, more and more construction companies are increasing both their cybersecurity as well as their worksite security. This translates to safer work sites for employees and more protection against intrusive phishing scams.
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Reliable Contracting Company serves the following and surrounding counties: Annapolis, Queen Anne’s, Anne Arundel, Baltimore, Baltimore City, Calvert, Caroline, Charles, Howard, Prince George, St. Mary’s, Talbot, and Washington D.C.