The construction industry has been growing with the healthy economy and exciting innovations. Globally, various reports have indicated that the industry should continue to grow at an average rate of about 3% per year through the year 2021. The most recent 2018 Dodge Construction Outlook concurs, and the report also gave some additional specifics for the USA next year. Here are some of the highlights:
The report says that it single-family housing should grow at about a 9% rate, as millennials enter their 30s. However, Multi-Family Housing will decline due largely due to new bank regulations.
Hotels and retail store construction will take a hit due to increase in online shopping and new competition like Airbnb. Demand for warehouses will continue to support the rise in e-commerce, and overall the commercial sector should increase by 2%.
This area will continue to grow, although only about at a 3% rate – compared to 14% this year in 2017. However, construction on Educational buildings are expected to take a big jump at a rate of 11%.
Manufacturing plants and public utility construction should see a significant drop in construction in 2018, although there will be some reconstruction needed due to the big hurricanes from this year.
Overall, construction continues to be one of the fastest growing industries in the US. If your business is experiencing this growth along with the industry, and you’re looking to expand your team, call us at Madden. We’ll help you hire a craftsmen for your next job opening or project.