Despite the recession, the construction industry is still a promising sector. New construction is a leading indicator of how well the economy is recovering. The United States economy is projected to grow at 1.4% annual rate for the last quarter of 2014.
In September, for the first time in years, builder confidence is to 2005 levels nationally. Building contractors have a reason to be optimistic; the economic recovery from the recession is just beginning.
In 2013, home buyers enjoyed lower interest rates, and undervalued homes. Prices will continue to rise in 2014, but at a slower, steadier pace. The housing market will not burst, nor is it expected to re-tank. Existing homes will continue to be affordable, but, and below their 2006 peak market prices. Home prices are still 5% undervalued nationally.
New construction in the United States is also playing catch up. According to population growth, the total demand for new housing units is 900,000. New construction today is too light, partly due to lake of skilled labor, and partly because developers are still
Below are the top 5 jobs in the construction industry (based on growth volume, growth percentage, median salary, employment rate, and job satisfaction) according to the US News.
1. Construction Manager
2. Cost Estimator
5. Structural Iron and Steelworker.
So what can contractors look forward to in 2015? Obviously, more sustainable construction practices will be implemented. Reduced site disturbances, low energy lighting, as well and improvements in water, air and energy efficiency.