Nearly every industry has slowed over the past year as the world adjusted to a pandemic and its impacts. Of course, not every industry has been impacted in the same way. Add in regional or state-specific factors and it suddenly makes sense why construction in Tennessee is still going strong.
Tennessee Commercial Construction
Over the past decade, Tennessee has experienced tremendous growth in both its population and economy. Thanks to a lower cost of living and business-friendly incentives, more companies and people have relocated to Tennessee over the past ten years. In fact, Nashville has consistently been ranked for its strong economy and Tennessee ranked as one of the top states to move to during the pandemic.
Naturally, this has increased opportunities in the construction industry in Tennessee. Attracting big names like Amazon, Tennessee has very enticing business incentives for large corporations. For commercial construction, this has led to new headquarters being built from the ground up, additional mixed-use developments, and remodeling of existing properties to accommodate new occupants.
While it’s true that 2020 brought some slow down to this booming market, Nashville construction saw a smaller decline than the rest of the nation. Experts predict that 2021 will see continued progress on projects as well, with a stronger rebound at the end of the year.
Tennessee Residential Construction
To meet the needs of a growing economy and population, Tennessee’s residential construction industry has been at record-pace for the past decade. Rising housing prices and limited inventory have been continued drivers for new construction developments across the state.
Recent reports like this one indicate that areas such as Nashville will see single-family construction remaining at speed for the first part of the year before being taken over by multi-family projects. Either way, the industry overall will still continue to outperform the market.
Opportunities For Tennessee Contractors
Based on past growth, continued population increases to the area, and projected industry outlook, there has never been more opportunity for licensed contractors in Tennessee. In fact, the average general contractor salary is $108, 133. This means that some people make less, based on experience and expertise, while others make far more. The ceiling is all but limitless in the state, with nearly unlimited potential for both large and small projects.