Commercial Construction Industry Forecast For 2017
The New Year calls for a new forecast on the commercial construction industry. This industry has seen various transformations. Brought about by continuing demand partnered with shortage in the labour force. And as the new administration takes office, firms are even more concerned of how possible changes are going to affect their businesses.
2017, sees an increase on total construction spending is to be expected. Although offices, healthcare, and lodging construction would benefit most on this growth, industrial/manufacturing spending is projected to decrease. Better project visualization is also on the lookout as new augmented and virtual reality (AR, VR) gadgets will hit the market. This technology will aid the design process of architects and engineers and will be used on safety training of workers.
Expect to also see drones hovering over construction sites for aerial surveying, monitoring progress, and conducting inspections on infrastructures. This, together with autonomous construction vehicles will help in ensuring safety. As well as coincidentally neutralize labour shortages in the commercial construction industry and promote efficiency.
Modular construction is another thing to look forward to this year. Although this has been around for decades, it has only attracted interest lately due to relatively high profile projects. This offsite construction can be completed faster and for less money and most importantly, can look as good as onsite construction. No wonder it’s building its name in the commercial construction industry.
Commercial Construction Industry Predictions
With the forecast above, construction firms can now set goals for this year like expanding services to match newer opportunities with the increasing demand.
The commercial construction industry reflects the change in the market. For example, on an economic downturn, people are less inclined to spend lavishly on fancy restaurants thus increasing the demand on fast-food chains. But although businesses should take advantage of this expected increase on residential construction for 2017, firms should make sure that a new project will not overwhelm their expertise.
Also strive to improve and maintain relationships with clients even after you’ve finished a project. You might need them in the future or might even get rewarded by them contracting you again for future commercial constructions or remodelling projects. Or simply do this to inspire good professional relationships in the commercial construction industry. In line with this, take time to get to know people working around the site. Meeting trade and special contractors will surely expand your network.
Lastly, get online! There are a lot of potential clients online. It is recommended to build a professional-looking website and showcase your firm’s past projects. But if you can’t setup a website, at least submit your firm’s information in forums and portals where clients search for contractors.
It’s undeniably a time for the commercial construction industry to embrace and take advantage of technology to meet high demands.