With the new year here, are you considering what 2019 will bring to the construction industry? If you’ve been contemplating that question – we have some answers. While we can’t tell the future, we can certainly tell you what is expected for construction in 2019. Dodge Data & Analytics Outlook Executive Conference was held earlier this month and from that, we’ve heard new predictions for both the U.S. economy and how that affects the construction market.
We’ve started to see the industry cooling off from some major growth in the recent past. It’s expected that the decline will continue in 2019 but that shouldn’t have a major impact on the industry until over a year from now. What does all of that mean? The experts expect about the same amount of activity in the industry in 2019 that we saw in 2018.
It also came out at that conference that the experts are forecasting a recession but the recession shouldn’t be as bad as past ones and the construction industry is expected to weather the storm just fine. What does this mean for you? Plan for a recession now so that you are best prepared when it happens and can continue to excel during this potential recession.
They also don’t expect that labor shortage to go away anytime soon. How can you best deal with this problem? Some firms are finding providing in-house training to be successful. Regardless of how you manage the problem, it’s not going away so the new year may be a good time to start a strategic plan for handling it.
We hope 2018 was a successful year for your construction firm and we hope 2019 is even more successful. As you start off the new year, if we can be of service to you in any way, give us a call for a consultation.