With 2014 coming to a close, we decided to take a look back at the year in construction. I think anyone reading this blog would agree that things are certainly starting to look up in the overall construction industry. At long last we are finally starting to climb out of the construction slump that hit the industry hard in 2009.
From an influx of lending capital to demand for new energy related manufacturing plants, the year certainly had many bright spots. And of course it’s not over yet!
According to the Construction Market Forecasting Service (CMFS) report by McGraw Hill Construction Dodge, nonresidential construction played a critical role in keeping the construction upturn going. The total construction starts are estimated to rise 5 percent to $564 billion by the close of 2014. Non-residential construction is estimated to climb 14 percent thanks in part to growth in commercial building and a surge of energy-related manufacturing plants.
This positive upswing means more jobs for Williams Scotsman and our industry as a whole. CMFS predicts that job creation is expected to continue throughout the end of the year and into early 2015.
At Williams Scotsman we strive to stay informed about trends impacting industries in which we operate. We are happy to report that the construction sector is back and stronger than ever. What were some of the construction industry highlights for you this year?