The construction industry is growing and evolving at breakneck speeds. Learn how to adapt to exciting trends in construction before 2019 to get a leg up on the competition, and take full advantage of the rising demand contractors are facing across the US!
8 Exciting Trends in Construction to Prepare for in 2019
- Rising Demand for Construction: According to data from the Census Bureau, demand for construction is skyrocketing across the US – and 4% faster than originally expected. An increasing population, and rising home ownership in the US is causing contractors to prepare their business with all the workers, supplies and heavy equipment they’ll need to meet the demand the busy season will bring in 2019. Being proactive in searching for opportunities – and not waiting for them to come to you – will be vital in the busy season to come.
- Difficulty Finding Competent Workers: According to a survey from the Associated General Contractors of America, 75% of construction businesses in the US planned on expanding the size of their crews in 2018. 82% of these same companies claim that it’s getting harder to find competent workers, and are worried about possible work shortages for the coming months. In a time when construction companies are scrambling to hire workers in order to meet rising demand, retaining your loyal and competent workers will be vital while you search for new hires.
- Rapid Advancements in Construction Technology: New technology is being developed to help construction businesses complete more projects faster, easier, and more efficiently. New technological advancements in construction drones, site surveillance software, and machinery are giving contractors the ability to cut down significantly on labor costs, reduce risk, eliminate delays, and provide more detailed presentations of their project ideas and progress to their clients.
- Rising Prices of Foreign Materials: President Trump’s new tariffs on foreign steel and aluminum are making contractors seek new relationships with domestic vendors. It used to be common practice to obtain the metals needed for a job from China, which commonly offered the lowest prices. Now, getting materials from domestic US steel and aluminum manufacturers will be necessary to avoid the high costs of future material purchases.
- An Earlier Start to the Busy Season: New data from the Census Bureau shows demand in all regions the US starting at an earlier time than usual. Whereas contractors used to prepare for business to begin starting in the spring, the new research shows demand for construction starting as early as February, making the transition from late winter into early spring the best time to start among all regions in the US.
- Demand for “Niche” Services: While there is certainly still demand for construction businesses that can “do it all,” for smaller construction businesses, research shows that finding your niche services might be the best way to boost recognition and profitability in 2019. More and more, people look for “specialists” when faced with a specific problem, as advertising the expertise in a narrow field makes them feel more comfortable in their choice than if they were to hire just any general contracting company for a specific job.
- Increasing Focus on Social Media: According to a Survey from the 2018 Construction Marketing Association, close to 100% of all US construction businesses now use social media promotion. The same survey shows that increased social media promotion leads to higher SEO rankings, customer reviews, consumer recognition, online traffic, and ultimately – profitability. Make an increased effort to engage with your customers through platforms including Facebook, Twitter, and Instagram to promote the culture of your brand, and stand out from your competitors.
- Offer Season-Specific Services: While normal operations may slow to a stop during the winter for most construction companies, most are starting to stay busy regardless by expanding their services to include winter-specific jobs, not offered during busier seasons. Demand for small-scale construction projects peak in the winter, due to people with cabin fever looking forward to making small renovations, including molding, painting, spackling, and other indoor projects. Contractors are capitalizing on this demand by promoting winter discounts for these kinds of projects, and earning fast and easy revenue as a result.
Need Help Preparing for Construction in 2019?
The economy is booming, and the construction industry is profiting at a faster rate than most other industries.
Those looking to take advantage often have big plans for taking advantage of the rising demand, but lack the capital to put their plans into action. This is where construction business loans from NBC&S come in handy.
Whether your company could benefit from new equipment, a new way to finance material purchases, a source of capital to help with payroll and other operational costs, or virtually any construction need, NBC&S has the perfect construction business loan to meet your needs – and save you countless time, money and resources along the way.
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