RS Means: Construction Industry Growth Trends - Qualified Workers Sought in Industry Surge

Construction Revenue Expected to Rise 8.1% in 2015‏ according to RS Means:

In 2014, the construction industry grew, adding jobs and increasing in the number of projects across many sectors. This growth is projected to continue throughout 2015 and beyond. With more and more companies seeking qualified construction workers, and more work to be completed, updated and comprehensive cost estimating data has become an indispensable asset to help plan, budget and bid for projects efficiently.

The construction industry added jobs every month in 2014, an increase that has not been seen since 2005¹. In just the first month of 2015, 39,000 construction jobs were added, making this the highest construction total since February 2009 ². In addition to job growth, construction revenue is expected to rise through 2015, with an 8.1% increase over 2014 ³.

Increased construction spending is anticipated to affect various industry sectors including highways, schools and universities, hospitals, water and sewer, public and private building, retail and manufacturing and power. With such a widespread growth, firms are planning on expanding beyond their typical geographic markets ⁴, and perhaps target new market segments, as well.

The news for the construction industry is great: more jobs, more projects and more revenue. But are the right people available to work? While 80% of construction firms are planning for expansion this year, many struggle with difficulty finding qualified workers ⁵.

Industry growth and a changing market also means more competition and the need to ensure accurate budgeting and planning for the years ahead. Cost Data Engineers at RSMeans from The Gordian Group have reported significant price changes for many building materials for 2015. While some prices dropped 40%, others have increased 19% over last year’s prices. With such expansive price fluctuations, those who have access to the latest cost data will gain an edge in this competitive market.

Contractors and A/E firms can set themselves apart and tap into industry growth by accessing trusted, up-to-date construction cost estimating data. RSMeans from The Gordian Group is the most up-to-date construction cost estimating information, and will help contractors make themselves more competitive in a growing market, by providing current cost data for estimates and proposals. Equipped with the latest cost data, A/E firms can deliver more exact data to their clients. Facility Owners can use this data to validate planning for budgets and lifecycle building costs more precisely. Using relevant and updated cost data, construction firms and individuals can demonstrate their competence and expertise in planning and budgeting. Each year, new line items are added to provide those in the construction industry with useful information to keep them competitive.

Armed with the right resources, construction firms can be part of this growth trend in the industry. Cost estimating data provides those in the construction industry with the right tool to plan, budget and bid for construction projects using timely and thorough information.

1. http://constructiondatacompany.com/construction-industry-added-jobs-every-month-2014/

2. http://www.constructionequipmentguide.com/Construction-Firms-Add-39000-Jobs-in-January/24461/

3. http://www.statista.com/statistics/244696/revenue-growth-outlook-for-the-us-commercial-construction-industry/

4. http://www.naylornetwork.com/webkits/PDFs/ngcs0215_industryoutlook_dps_mkg_nocrop.pdf

5. http://news.agc.org/2015/01/21/eighty-percent-of-construction-firms-plan-to-expand-headcount-in-2015-as-contractors-foresee-growing-demand-in-most-market-sectors/

6. http://www.usatoday.com/story/money/business/2015/01/11/construction-hiring-picking-up/21521769/

7. http://construction.com/about-us/press/construction-industry-to-see-more-balanced-growth-in-2015-according-to-DDG.asp

Source: RS Means