Although it is not directly in our field as we focus more on the commercial construction area, we still like to present any type of positive news in the construction industry as a whole. Forbes recently released information about the construction industry. Put quite simply, the housing bounce and market growth has lead to a construction spending bounce of about 0.5% in May which is good news for the industry. The 0nly concern for the construction industry now is if the increase in this sector can sustain itself this time around with the housing bounce. Obviously these new numbers do not quite resemble the housing boom before 2007, but they are certainly better than what was seen during the “Great Recession”.
This rate of construction spending is not a surprising pace, as a comparative number was seen in 2003 before the housing boom even hit the U.S. market. Forbes also reports that an area of concern for the construction industry is in the rental market which is still at large after the large buying scare that consumers experienced. A housing boom is still a possibility as many people remain positive at the outlook of the construction industry in the future.