Generally speaking, the current state of the construction industry is a blurred image. Everybody hears about the continual struggles for construction companies after the recession. This article aims to clear up the image of the current state of the construction industry throughout the United States.
This first image gives a great overview of the state of the construction industry as a whole throughout the last six years. Obviously the recession began displaying it’s effects in 2008 and 2009 heavily as total construction, and many of the different construction industries, began to plummet in terms of growth and revenue. Although this data is a bit dated, it is fairly accurate at depicting the state of the construction industry today.
Although the growth is not astonishing, any growth is always a good sign. While it is a good sign to see the housing construction numbers on the rise, here at GPC we are more concerned with the growth in the commercial buildings sector. Our commercial construction area of the company is the main focus and these numbers are quite encouraging. Nevertheless, it is a reassuring sign to see revenues and growth percentages on the rise in the total construction area.
This image depicts the current and projected states of the construction industry in regards to commercial and industrial construction. There is certainly a bright outlook on the future of industrial and commercial construction in the United States. As we continue to develop commercially, we should see an increase in commercial construction revenues and jobs as well, which is a glaring problem in current day America.
The last couple facets that I will go over are state employment and optimism. As is easily seen through this image, GPC is sitting in a fairly high active construction area. Illinois is currently, and likely will continue to be, on of the states with the highest number of construction companies and employees. This means we are constantly in a highly competitive area and gives us a good outlook for the future.
Additionally, the effects of the recession on optimism were evident in the 2008-2009 years. As optimism dropped to an all time low, the construction industry followed. However, as things have turned around, so have people’s attitudes towards the future and for good reason. It will be interesting to see what the construction industry trends are in a few years as they appear to be rising as they were pre-recession.