According to statistics from the United States Census Bureau, construction businesses this summer will most likely have more opportunities coming their way than ever before. With the right preparation, construction businesses could be facing their busiest year yet. Without the right financial plan, contractors could be missing out on what is projected to be the busiest summer for construction businesses in the US in over 10 years.
Construction Business Outlook: Summer 2018
First, take a look at these exciting trends in construction business:
- The construction industry is expected to grow by 11% between now and 2026—4% faster than originally expected by the Bureau of Labor Statistics.
- Summer 2018 is projected to be the busiest season for construction in years.
- The number of construction projects taken on in the US are skyrocketing nationwide, with the total number of starts increasing by 100,000 each year on average since 2011.
Now check this out:
According to data collected from the United States Census Bureau, the number of construction permits obtained in all regions of the US increases the most between February and March, making the transition from winter into spring and later through summer the busiest time for construction businesses across the board.
In the midwest alone, the amount of projects taken on increased by 58% between February and March, and continues to increase as summer progresses. Construction projects similarly increased in southern states by 25%, in western regions by 44%, and in the northeast by a staggering 83%.
Having the capital to make most out of the opportunities the coming summer has to offer is vital to the success of your business. Take advantage of this incredible opportunity, and use NBC’s commercial construction finance checklist to make sure you have everything you need to make this summer your busiest season yet.
Your Checklist for Summer 2018 Construction
✅Good Workers, And Plenty of Them: According to a survey from the Associated General Contractors of America, 75% of construction businesses in the US are planning on expanding the size of their crews in 2018.
However, 82% of these same companies are claiming that it’s getting harder to find competent workers, and are getting worried about possible work shortages for the coming months. In a time when it’s getting more difficult to hire new workers, it’s more important than ever for construction firms to hold on to the workers they have long counted on to get projects done right. While looking to hire new workers for the coming summer, make sure the workers that have proved themselves loyal to your business will be there for when the next job comes around.
Construction businesses and contractors across the country are contacting NBC with hopes of securing their seasoned workers by equipping their businesses with the capital they need to help manage payroll, provide benefits, and pay your workers on time. What’s more, if your business plans on subbing a job, partners like to know that you are taking the financial measures necessary to care of your workers.
✅Commercial Vehicles and Heavy Equipment: Get the machines and tools you’ll need, and make sure they’re up to date. Old machinery can slow down construction, and pose safety risks for the workers who operate them. However, replacing equipment can take valuable time and capital that many construction businesses don’t have time for. Make sure you find a way to finance your new equipment purchases without having to delay any projects, and without having to sacrifice your bank account.
For many, alternative financing options may be the financial tool of choice for leasing or upgrading equipment, as they are designed to finance equipment purchases quicker and easier than conventional methods. With the right source of equipment financing, alternative business options like those from NBC can provide funding for construction machinery and equipment in as little as 24 hours. Use these to take on more jobs, and complete them faster, while providing safer conditions for your workers.
And with Trump’s new tax laws in place that gives businesses the opportunity to completely write off equipment purchases in a single year, now has never been a time to secure commercial construction loans to lease or upgrade equipment.
✅Ongoing Access to Materials: Plan a way to purchase any materials you need, during any stage of your project.
Make sure your business is financially prepared to be able to make any unexpected purchases necessary throughout the summer, whether it be to take advantage of an opportunity to start a new project, or eliminate delay times by quickly making up for a lack of materials.
With a financing options tailored specifically for commercial construction use, such as a business line of credit, construction businesses and contractors gain the ability take on more projects this summer without breaking the bank. Construction business loans with flexible terms and fast access to cash such as a business lines of credit make covering spontaneous purchases a fast and simple process—without having to pay out of pocket.
Most construction businesses face a lot of long wait times and delays when it comes to covering all the supplies, tools and materials necessary to complete a project. With an outside source of financing, construction companies can gain a competitive edge this summer by eliminating gaps where no work is able to get done, and less financial strain when it comes to covering any purchases.
Get Construction Loans Within 24 Hours
If you want to get your hands on great construction financing options before summer, you’re not going to want to go to banks or traditional lenders, who typically take upwards of 8 months to complete any approval and funding processes. Instead, choose a business funding partner that can get your company the funding it needs, before it’s too late.
And what’s more, between the mountains of paperwork, long wait times, and impossible approval standards, banks can make funding your business goals a frustrating and generally terrible process. Don’t let other lenders slow your company down with unnecessary and arbitrary standards and requirements. Choose a lender that does all the work for you, so you can quit shopping around for the right lender and sitting around doing paperwork, and get back to growing your business.
NBC’s financing advisors offer services that minimize paperwork, speed up wait times, simplify underwriting, and pay attention to the specific needs of your business that you won’t find with any other lender.
Fill out our 1-minute, 1-page application online to get started on your 24-hour process access to funds, or call (877) 482-3008 to speak with one of our expert financing advisors today, and learn how a commercial construction loan from National Business Capital can help you make the most out of this exciting opportunity.