2012 is well underway, and we’re looking forward to another year filled with innovation. Below are some trends that are beginning to emerge within the construction industry:
- Green Building & Construction – We’ve already had our fair share of “green” projects this year, but with the White House administration continuing to push for Better Building Initiative Investments, this type of construction is here to stay.
- Stimulus Projects/Government Funded Infrastructure – this piggy backs off of the Better Building Initiative Investments mentioned above. The government has allotted billion dollar budgets to projects such as government buildings, highways, educational facilities, hospitals and transportation.
- Multi-Family Rental Housing Construction Boom – There has been a recent addition to the amount of renters in the market, due to the large number of foreclosures that have occurred in the past few years. Young adults, who might not see the value in purchasing a home, as a result of the decrease in housing prices, may also be a part of the increasing volume of renters. According to the 2012 Dodge Construction Outlook, multifamily housing will rise 18% in dollars and 17% in units.
- Residential/Non-residential Construction – Reed Construction Data’s chief economist, Jim Haughey, predicts a 24% jump in residential construction and a 14% increase in non-residential construction.
- Manufacturing Industry – According to the 2012 Dodge Construction Outlook, manufacturing construction will increase by 4%, following the 35% gain in 2011.
While there are other sectors in the construction industry that are still experiencing a decline, we continue to stay hopeful for what lies ahead in 2012.
For more information on the 2012 construction outlook, check out these videos: