Even though we are less than two weeks into the new year, projections on the state of the construction industry in 2016 are already beginning to emerge and, thus far, the forecast looks promising.
Indeed, one highly influential trade group, the Associated General Contractors of America, recently published a report outlining the findings of a recent survey designed to measure the degree to which construction firms believe their operations will expand in 2016.
On a national level, they discovered that 71 percent of construction firms anticipated undergoing incremental growth over the next 12 months. Specifically, 63 percent of firms indicated that their payrolls would increase anywhere from 1 percent to 25 percent, while 8 percent indicated that their payrolls would increase by over 25 percent.
The report found identical optimism here in Florida, where 71 percent of construction firms also anticipated undergoing incremental growth in 2016. The overall breakdown was slightly different, however, as 33 percent of firms indicated that their payrolls would expand by one to five workers, 19 percent would expand by six to 15 workers and 19 percent would expand by more than 25 workers.
As to the sectors that construction firms across the U.S. were predicting would drive their business in 2016, the report found the following:
- 21 percent anticipated work in warehouses, lodging and retail outfits
- 19 percent anticipated work in both private offices and hospitals
- 14 percent anticipated work in multifamily residential housing
- 13 percent anticipated work in higher education facilities
- 12 percent anticipated work in K-12 school facilities and public projects
These are truly encouraging numbers. Here’s hoping we continue to see the construction industry recover in 2016 both here in the Sunshine State and across the nation.
Those considering undertaking a project in 2016 should give serious consideration to sitting down beforehand with a legal professional who has extensive experience in the review, drafting, and negotiation of construction contracts.