Are you wondering what neighborhoods your business should expand into? Do you wish there was a way to know which new services would bring you the most profit? Well… there is. As surprising as it may sound, building permits are the secret to making smart business decisions in the construction industry.
When a homeowner or a contractor applies for a building permit, they provide a lot of information — the project budget, contractor name, home value, and so forth. Construction Manager obtains this information and then compiles it into statistics that contractors and business owners find helpful.
Here is some of the building permit information available to business owners:
Do you want to see who the major players are in the roofing industry in your area? Building permit data can tell you. Maybe you want to know how many companies are currently installing windows a few counties away. That’s something else you can gather from permit data. As new companies enter the market, you will see their names pop up on permits, enabling you to reach out and possibly form relationships.
You can look at building permit data broken down by project type to see which sectors of the construction industry are getting the most work currently. You may see, for instance, that there are 100 permits per month issued for roofs, but only 50 permits are issued for window replacement.
Although they are often just estimate, project costs are included on building permits. You can see what the average homeowner in your area is paying for a certain service and use this to guide your pricing.
You can also use building permits to see the market shares owned by certain businesses in your area. Maybe one company installs 80% of all solar panels in your area; you now know they’ll be your major competitor if you decide to offer solar installation.
Building permit data is your secret to making smart, informed decisions for the future of your business. Contact Construction Monitor to sign up today, and use our data to your advantage.