There have been a growing number of whispers across the country about a potential recession in the next couple of years. Fueling this concern is the U.S. trade war with China, the continually mounting U.S. debt, and geopolitical and economic uncertainties.
This has many people wondering: What will this mean for business? How could this affect jobs? Could this impact employee morale?
While some industries are feeling heightened pressure and anxiety, confidence amongst contractors in the construction industry has overall remained high.
The industry is not affected (too much) by many of these metrics
For the most part, things like the U.S. trade war with China and other geopolitical issues do not really seem to have much of an effect on the construction industry. There is a potential that costs of materials may increase – particularly those that are sourced from China – but this is something that can generally be anticipated and arguably just needs to be passed onto the client. So long as contractors make any necessary adjustments to their projects’ budgets and timelines, they should not experience too much negative impact.
The industry continues to see growing demand for projects
To put it simply, business is booming for the construction industry and most players continue to be optimistic. The majority of contractors believe that sales will continue to increase over the next six months, as well as projects and overall staffing levels. And, as they say, the proof is in the pudding. So long as individuals continue to see positive results, there is really no reason for concern.
The industry still has a high demand for skilled workers
In terms of people looking to enter the workforce, the construction industry continues to be a safe choice with high demand, which equates to job security. This is in stark contrast to many industries that are starting to prepare for a recession, with employees worrying about whether or not they could be let go in the process. This actually comes at a good time for the construction industry, which is still in demand for skilled workers.
The future is bright for construction
The construction industry has been continuing to grow ever since the Great Recession and is not showing any signs of slowing down. Population growth continues to be a huge contributor in this regard, with urban and residential projects always in the works. This is a good thing for businesses as well as current and future industry workers.