Construction Industry Trends to Watch
Analysts predict 2016 will be a strong year for the construction industry, notes Emily Peiffer in the January 4 edition of Construction Dive. Talking with experts from various industry sectors, she says, they have high hopes that 2016 will bring strong demand and booming business.
You can find her complete article here, and it's worth a quick read. Here are a couple of highlights:
Skilled labor shortage will continue to plaque construction companies. This was the most commonly mentioned trend for the year, she noted.
Multifamily construction will slow and single family will pick up steam. Analysts project the hot streak in multifamily will likly slow in 2016. Single-family, currently about half of 'normal' may see an increase of 20% in starts this year, according to Dodge Data.
Construction companies will be more cautious about project selection. A hangover from the recession and tied to the work shortage, companies will be cautious about the amount of new work they can handle.
Job site accidents and criminal indictments are on the rise. Authorities across the country in 2015 increased efforts to uncover contractor misconduct, resulting in criminal charges and fines for offenses ranging from safety violations to corruption. With fewer trained workers, the industry could see more accidents and violations.
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