What Will 2014 Bring in the Construction Industry?

Posted by in Companies •

Although construction professionals are working hard to recover from the recent economic downturn, there is still room for improvement in the industry. The number of available construction jobs has increased in some states, but other states are struggling to overcome the problems associated with a sluggish market. Although the state of the industry will depend on what happens during the rest of 2013, industry experts predict construction jobs will be more plentiful in 2014.

 

Heidi Schwartz of "Today's Facility Manager" says the industry has improved in 2013. Opportunities are particularly good in the commercial construction industry, which shows signs of continued growth. Data from the U.S. Bureau of Labor Statistics supports her statement, as seasonally adjusted employment for the construction industry rose slightly in June. Nearly 6 million people were employed in the construction field, making the industry a true asset to the economy.

 

Based on this growth, the outlook for 2014 is fairly positive. Consulting firm FMI expects industry growth to return to 8 percent in 2014 after failing to reach this predicted level in 2013. The industry spending outlook is also positive; experts say the rebounding housing and heavy construction markets will create new construction jobs and ensure that the industry continues to recover from the steep decline that occurred as a result of the financial crisis. Industry growth will be spurred by an increased demand for new home construction and business expansion.

 

The number of construction jobs available is just one factor in determining the outlook for the entire industry. The demand for sustainable construction is just one of the trends that will fuel growth in 2014. Many consumers and business owners want to reduce their impact on the environment, and investing in sustainable construction is just one way to do so. A report released by Timetric lists the United States as a primary growth market for 2014, making the outlook for the industry even more positive. The Timetric report indicates a possible increase in merger and acquisition activity within the industry, so you should be prepared for the effects of this activity on your company. If your company merges with another company, your job duties or job title could change, so it is important to understand which trends are influencing the industry at a particular point in time.

 

Construction professionals have improved the industry by leaps and bounds in 2013, but there is still room to grow. By all accounts, the number of construction jobs available and the amount of money invested in construction projects will increase in 2014, making it a better year for growth. While you should be positive about your career, it is also important to remember that these estimates are just that. There is no way to tell exactly what 2014 will bring, so pay attention to statistics related to construction spending, construction jobs, and other indicators of industry health.

 

(Photo courtesy of antpkr / freedigitalphotos.net)

J. Jabcon
J. Jabcon
I have been unemployed for 2 years.  I hope the construction industry turns around soon!

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