As the city that never sleeps, New York is always changing architecturally and economically. There are many ways to get around New York City. But, there are even more ways to build, work and live in the city. This year has brought along certain trends in the New York construction industry. You can find downsizing in specific sectors. Meanwhile there are plenty of opportunities for growth. As a construction business owner, the industry trends can identify the best projects for your business. Keep reading for the latest New York construction trends that you need to be aware of.
Housing in New York is seeing an industry slowdown. Last year, $16 billion was spent on housing construction projects. There's been a 31% drop from last and year, experts estimate that only $11.6 billion will be spent on residential construction this year. You should be wary of taking on housing projects in this slumping market. With community pushback on housing development, your contract might be scaled back or canceled. Although housing work can still be profitable, you need to pay attention to the market and pick your contracts wisely.
Solar Power Boosts
New York is investing $1.3 billion in renewable energy projects, predominately solar. This has been a trend in recent years, with New York leading the charge in setting up record breaking numbers of solar panels and other clean energy sources. Clean energy is the future of the energy industry, and projects will continue to grow as the technology becomes more efficient. See our guide on solar panels for your business. It would be a wise investment of time and energy to work on some of these projects. As the solar industry grows, it will spend more money on hiring experienced engineers and construction experts to set up more panels. Take advantage of this industry growth to establish future work for your business.
No matter how well something is constructed, it will break down eventually. This means a constant supply of work for construction workers, especially in regards to infrastructure. Governor Andrew Cuomo has outlined a $100 billion infrastructure plan to modernize airports, and fix roads, bridges, and tunnels. With 2500 local projects, there is no shortage of infrastructure projects in the next few years. You just have to make sure that your workers are kept safe on these major projects. If you're looking for consistent work for your business, you should look into obtaining infrastructure projects.
Commercial construction is booming in New York City. From 2013-2018 commercial construction was worth $23.8 dollars and is continuing to grow. 2018 is a hotbed of construction activity for hotels, industrial parks, and shopping centers. According to Manhattan construction accident lawyers, “Manhattan is New York City’s main borough and it’s no wonder. It’s the most densely populated area, is home to two of the world’s largest stock exchanges and is the site for various multinational media conglomerates.” As construction business owner, you should be on the lookout for new enterprises. Businesses are always looking to expand. This can mean more money in your pocket, especially with how fast this sector of the industry is expanding. Take advantage of the rebounding economy and commercial spending to buffer your bank account.
Office development is perhaps the biggest trend in New York City construction. Office construction is currently at a 30 year high and still growing at a consistent rate. With the demand for office space, experts estimate that by 2019, 19.4 million square feet of office space will have been constructed in the past decade. This makes office construction an extremely lucrative venture. If this trend continues, there is a lot more money to be made in office construction. Use your business savvy and seize the opportunity. Even if you haven't worked in this area of construction, there's no time like the present to jump in to office construction.
Though construction projects come and go, there's always money to be made if you know where to look. Even though you might experience some slows in the housing market, you can shift to commercial markets. Carefully consider whether you want to work in commercial, office, solar, and infrastructure sectors to make a profit this year. All of these NYC construction trends can give you insights to create new opportunities. If you stay up to date with the times and trends, your construction business can continue to grow along with the city’s dynamic skyline.