Every quarter the USG Corporation and the US Chamber of Commerce survey a panel of contractors in the commercial construction industry to gauge their perspective on the current market. Powered by Dodge Data and Analytics, this index reveals some of the most prominent and promising trends forthcoming from the commercial construction industry.
Every quarter the USG Corporation and the US Chamber of Commerce survey a panel of contractors in the commercial construction industry to gauge their perspective on the current market. Powered by Dodge Data and Analytics, this index reveals some of the most prominent and promising trends forthcoming from the commercial construction industry. Below is a summary of their most recent findings, along with what they might mean for business in the future.
Nearly 60% of contractors surveyed were very confident that there would be significant new business opportunities in the next 12 months. A meager 2% of contractors were not confident about the same opportunities arising. Whether it be a new pizza restaurant, a five-star hotel, or a corporate office, businesses continue to grow and expand across the United States. This is good news for the construction industry, especially in the West and Midwest; Contractors in these regions expressed the highest levels of optimism for the future.
Such forecasts are encouraging for contractors looking for new projects, but also for building product manufacturers. Such projects need countless building materials such as roofing, doors, windows, electric, masonry, and, of course, aluminum railings and columns! The influx of new projects being developed is sure to boost countless industries.
Good news for anyone looking for a job in the commercial construction industry: you’re in demand! About two-thirds of construction firms plan to hire more workers in the coming six months, but 61% of firms are having difficulty finding skilled workers. Consistent with previously noted findings, contractors in the West and Midwest are even more likely to add employees in the coming six months (75% and 79%, respectively). However, the folks in the South reportedly have the highest level of difficulty in finding skilled workers.
A final positive trend that emerged from the CCI examines the bottom line revenues for the contractors surveyed. A staggering 95% of contractors stated that they believe that revenues and profit margins will grow or remain consistent in the coming year. What’s even more impressive is that almost 1 in 10 contractors believed that their revenues would increase by more than 10%. If these predictions can withstand the test of time, expect commercial construction to be one of the hottest industries in the near future!
95% of contractors believe their revenues and profits will grow in the next year
At Superior, we are excited about the future of the commercial construction industry. We are always seeking out new projects to provide high-quality, custom railing with. We believe that not only could Superior benefit from these promising predictions, but anyone in the construction industry can reap the rewards. If the upward progression in this industry continues, business will be booming!
View the full report here: https://www.uschamber.com/sites/default/files/cci_6-12-17_release_for_web.pdf
Source: USG Corporation + US Chamber of Commerce Commercial Construction Index