Commercial Construction Trends For 2018
If you didn't have a chance to get our Annual Report a few months ago, you might have missed the commercial construction trends we outlined for 2018. We'll share a couple for you below:
With the effects of the new tax laws passed at the end of last year, increased corporate profit will enable companies to expand and remodel, which may lead to a greater demand for commercial projects.
The changes in age structure of the population may generate a demand for construction and
design in healthcare facilities. Healthcare construction led the growth in total construction in 2012 and subsequent years. That won't be expected to change in 2018 because of the change in demographics.
WELLNESS AND GREEN DESIGN
A 2016 study by Harvard University found that employees in green-certified buildings scored
26 percent higher on cognitive function tests and had 30 percent fewer sick-building symptoms than those in non-certified buildings. Companies can start small to improve workplace culture as well as productivity, health, and well-being.
Other areas of improvement are expected in lodging and office construction, but these changes will be more minimal.
The value of construction is forecast to grow slightly slower than the overall economy (as measured by GDP) over the five years to 2023. Revenue for the Commercial Building Construction industry has grown substantially over the five years to 2017
An improving economy will foster growth in construction, as developers gain easier access to credit and corporations have the cash to fund new buildings.
If you'd like to learn more from our Annual Report, you can find it here.
We'd love to know what commercial construction trends you've experienced so far in 2018.