Market analysts are predicting that construction is going to be one of the hottest markets this year.
The construction industry has gone through a lot of challenges over the years – one of them being the lack of skilled workers – but recent developments in the field have solidified its foundation as the industry to beat in 2015.
According to Dodge Data & Analytics, through its Construction Outlook analysis, the total value of construction projects is expected to increase by 9% from 2014, projected at $612 billion. Building of commercial structures will rise by 15%, housing projects for single family units are to increase by 15%, and public works projects will be escalating by 5%. The report also foresees an increase of 9% for both multifamily housing and institutional construction works.
Reasons behind this skyrocket in construction for 2015 include increases in worker payroll, as well as the venture of many construction companies into online and cloud-based processing. These are good signs, considering how slumped the industry was a few years back, when massive layoffs and a significant drop in the number of projects was experienced.
Another factor that could possibly keep up this winning streak is the field’s strong ties with the real estate industry, which is foreseen as having one of the fastest growth rates in 2015 within the U.S., according to financial information firm Sageworks. Other industries projected to grow rapidly within the year include utility system and residential building construction, manufacturing of wood products, merchant wholesalers for construction materials, and other fields related to construction.
With this well-deserved surge in developments, connections to related fast-growing industries, and the country’s ongoing improvement plans, the construction industry is definitely the one to watch in 2015.