Growth in the World of Construction
January 19, 2019
As the construction industry gains ground and the long list of construction projects continues to grow and grow, many wonder if this trend will continue to stay on the rise. Well, it sure looks that way. Learn more about construction and why it is booming below.
All About the Construction World
In the construction industry, it is all about getting buildings constructed quickly, efficiently, and within budget. This trade is obviously valued in today’s society, and there is no doubt that we need construction workers to keep the economy going. Whether they are building houses, office buildings, bridges, roads, or something else, they are extremely valued.
Construction has many parts. From designing the building to placing bids to hiring various types of laborers to get all of the components built, there is a lot of work that goes into just one building. Construction projects take time and a lot different skill sets, and there is a lot of people involved from start to finish.
General contractors and the various construction companies that work with them make some pretty big contributions to our world, so it is no wonder this industry is growing more and more with every passing year.
The Facts Behind Construction Growth
Construction spending reached an all-time high at the end of 2017, hitting numbers as big as $1.2 trillion. What’s behind this growth? A strong economy and a lot of confidence on the part of the consumer.
In 2017, the construction industry was also able to employ a lot more people than in the past. 210,000 jobs were added, which was 55,000 up from the previous year. That’s a significant impact on the economy and it makes a huge difference in the lives of countless people who have chosen to specialize in this field.
Which of the construction markets will be rising up the fastest? Anything to do with renewable energy is big right now, so expect to see a lot of growth in this sector.
There will also be more homes for sale due to an increase in population. The government is funding a lot of projects in the home development area, so places for the homeless and for low-income families will be built, as well. These, along with commercial construction, will likely see the biggest booms.
Noticing a lot of construction projects in your neighborhood? Expect to see a lot more because construction is on the rise.