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What does 2016 look like for the construction industry? Analysts are predicting 2016 will be a strong year for the construction industry. It could possibly be looking at an upwards gain of 6 to 7 percent growth over 2015. That percent of increase pushes it to as high as a 712 billion dollar plus market.
3 Expected Trends to Look for in the Construction Industry for 2016
• Skilled labor shortages will still continue to hold construction companies back due to baby boomers retiring. As well as lack of interest in younger generations and the bad taste left in the mouths of the many whom encountered little or no consistent work during the recent recession.
• Prefab or offsite construction methods will be more popular. Also known as modular or prefabricated construction methods will continue to gain popularity.
• Due to the previous recession and labor shortages; construction companies are expected to more careful in project selection. They will only be taking on what they can handle while continuing to grow as a company. The last boom had people standing in line to sign up for work but know considering the huge labor shortage, firms must be very cautious on what they can handle as far as work load and project completion is concerned.