According to a recent article by Forbes magazine, the economy is slowly rebounding, while the housing and non-residential construction industries continue to grow. For example, in 2016, the total number of multi-family residential buildings was 14%, and the annual housing construction rate was 1.2 million. The economic outlook for the construction and construction industries is described below.
Recommended economic trends
Most economic experts believe that the overall economy will continue to face the dilemma of slow growth and limited consumer participation. Moderate GDP growth is related to low wages and productivity growth. While most companies spend more on construction, they are reducing other capital expenditures such as machinery and equipment. Most of these companies are not focused on expanding capacity because they reduce operating costs by minimizing expenses. However, an important construction industry report pointed out that construction starts in 2017 will increase by 5%, more than 700 billion US dollars. Therefore, the private sector will continue to promote non-residential construction projects across the country.
Excellent employment prospects
The US Bureau of Labor Statistics says construction jobs will continue to grow by 13%, which is faster than the national average. Certified carpenters have a 6% employment growth prospect, 8% for building inspectors and 14% for electricians. All construction industries require construction professionals, so these workers will have better employment opportunities. Work ability includes project manager, transformation supervisor, demolition planner, construction engineer, environmental consultant, heavy equipment operator and land development specialist. Other occupational specializations that will continue to be in demand in 2017 involve HVAC, masonry, drywall, paint, flooring, roofing and plumbing.
High demand area
Residential construction of multi-family residential buildings is growing rapidly, while the growth of single-family homes continues. The changing demographic factors have driven demand for more temporary housing leases. Millennials are moving away from homes or universities and face serious student debt, but they need flexible accommodation to meet their flexible lifestyle. The trend is to prioritize urban cores with public transport and environmentally friendly accommodation designed by construction companies with strong environmental credentials. Therefore, there may be more urban residential construction work in 2017. When millennials begin to marry and raise children, the demand for suburban land and traditional housing may grow.
Non-resident employment opportunities
Non-residential buildings are gradually improving through consumer spending, but Internet-based retail sales are growing at least 10% a year. This means that many traditional brick-and-mortar retailers are forced to close outlets, but this creates new opportunities for innovation in alternative businesses. To avoid these tough cost-cutting measures, many retailers are implementing creative marketing and product expansion programs to enter new consumer markets. Strong Internet sales mean that the construction of warehouses, local distribution centers and regional distribution centers will continue to expand. The construction of private office buildings is expected to remain unchanged, with vacancy rates matching start-ups and entrepreneurial projects.
Global warming, carbon footprint and operational sustainability are still important advertising keywords for companies across the country. More and more companies are realizing the public interest in green building design and construction. The initial cost of greening is high, but the company has many social, economic and environmental factors. For example, they can reduce operating costs, improve local quality of life, and use their sustainability practices to engage consumers. Companies that want to invest in green practices and profit from environmentally-friendly consumers need building professionals to transform existing building and engineering experts to design environmentally friendly spaces.
Building work is forecasting well in 2017 as demand for sustainable development, residential and green commercial buildings is strong. Readers can visit the webuild Staffings website for career advice in the construction, engineering and environmental industries.Ultimate Cleaning Business Package, Click here!