Residential Construction Companies Latest Trends
As 2016 comes to an end, it’s time to look at what the on-coming year holds in store for the construction industry. The past few years have been rough because of the recent recession, but the industry faces new trends in 2017 that will encourage companies to adopt new construction techniques. Some of the major construction trends likely to be common in 2017 include;
Growth and Advancements in Green Building Practices
As environmental concerns continue to grow in the business sector, more and more businesses are looking to adopt new technologies that encompass green building practices in construction. Many new as well as existing projects have already adopted elements of green building in their construction plans. In 2017, the incorporation of government Energy Star rated designs and products will be a major trend that construction companies will have to adopt to help businesses save on energy costs.
Institutional Projects Continue to Experience the Largest Construction Growth
The healthcare and educational industries continue to experience exponential growth. In the healthcare industry, senior living continues to experience a positive growth that translates to more need for healthcare services. Healthcare construction is expected to double in the year 2017 as more and more baby boomers are now heading into their late 60s and 70s. In the education industry as well, many construction projects are expected to be undertaken if anything like what we have seen this year is something to go by. By the 1st half of 2016 alone, educational construction spending shot up by 6.2% to $41 billion.
With the 2016 presidential election past us, the economy is likely to jump back on track and focus on growth and future initiatives. The election period tends to bring a lot of uncertainty and many businesses hold back on implementing their large-scale projects. So with the election period now gone, the industry can expect a massive construction period (for all the projects that were held back) come 2017.
Economists from the National Association of Home Builders, AIA and Associated Builders and Contractors have all forecasted positive growth across the multi-family and single-family residential housing sector. However, the growth will continue to be un-even considering that these sectors were among the hardest hit by the Great Recession. The single-family market is likely to experience a 19% surge as more workers and lots are added. With more buyers pouring in, demand will be higher and residential housing construction will be on the rise in 2017.
These are just but a few of the major trends that will be seen in the construction industry come 2017 in Alaska and the rest of the nation. You can also expect technologies such as drones on construction sites, 3D printing in construction, robot automation, and the use of safety wearable technology to make construction sites safer. Residential construction companies, such as Trailboss, try to keep up with these trends to provide the best and relevant services possible.