Finding new ways to maximize profits will be one of the construction industry trends you should explore this year. And maybe partnering with other companies can be the key to better business.
Here are five top metro areas for 2021 construction:
1. Austin – The Heart of Texas
Construction projects in Austin were affected by the pandemic. Some jobs simply ended or were put on hold indefinitely. Still, construction industry trends are bringing more contractors to Austin. Residential construction is driving most company business. One of the most notable large projects is the $338 million University of Texas Moody Center Arena.
2. Chicago Has Global Reach
Data centers are among the construction industry trends impacting Chicago in many ways. “With so many businesses turning to online work, there’s more than just the demand for data driving construction,” says Andy Stapleton of Mortenson Company. Chicago is becoming a distribution hub for online purchases, and the number of higher-education facilities near Chicago provides plenty of employee pools.
3. Down in Miami, Construction Is Up
The Magic City has a higher quality of life, reasonably low property taxes, no state income tax, and the best weather in the country. Peter Tuffo of Suffolk Construction says construction industry trends in Miami are brisk, thanks to year-round work. Some in-the-works projects include:
- Condominiums
- K-12
- Luxury living accommodations
- Market-rate rentals
- Tourism-related cruise terminals
4. Seattle Remains Positioned for Growth
Construction spending is down, but hopes are high in Seattle. The need for office space pre-pandemic has not resumed, and one project, the Washington State Convention Center, currently suffers a financing shortfall. “Renewal comes in all shapes and sizes,” says Eric Olsen, Clark Construction.
5. Shuffle Off to Buffalo
“Buffalo has everything a great city needs,” says Richard Cavallaro, Gilbane Building Co. These include an airport, public transportation, reasonable cost of living, and cultural opportunities. Several companies are looking to invest in affordable housing new builds for this New York state community.
Using Data To Analyze Construction Industry Trends
Building permit data isn’t exactly new information, but ways to use it continue to evolve. What kind of data would help your business this year? Let us know. Contact Construction Monitor today.