What Can We Expect in 2018 for Commercial Building Trends?
While no one has a crystal ball to predict the upcoming year, we can study the current trends and condition of the economy, and gain a pretty good idea of the commercial building trends for 2018. Here are a few that you should be aware of as the end of the year is quickly approaching.
Increased Demand for Single-Family Homes: For several years, the demand was focused on multifamily construction, but we may see that trend slowing down. Nearly 50 percent of the American population are working, middle class people, and this number is expected to increase by 16 percent in the near future. This growth provides opportunities in the construction industry, and in 2018, the single-family sector is expected to increase by 20 percent while multifamily may drop to approximately seven percent.
Prefabricated Alternatives on the Rise: alternative building methods like prefabrication or modulation will be driving the trend in the years to follow. This alternative reduces construction time, creates less waste and could potential be a cost saving option for homeowners and business owners. The prefabrication alternative has been gaining popularity over the past few years, and it is expected to continue through 2018.
Going Green: another hot commercial trend right now is green construction – and from the looks of it, this is a trend we can expect to see for the long haul. The green building sector is currently leading the construction growth across the country with 26-33 percent of construction market going green – and predicted to result in more than 3.3 million jobs by 2018.
Skilled Labor Shortage: a big concern that has been impacting the construction industry is the lack of skilled labors to fill the job demands. Many skilled labors left the industry during the recession, and never made their way back, which has left construction companies feeling the impact. Additionally, a slowdown on immigration has caused a shortage in skilled labors. Coupled with the lack of interest by the younger generations, the demand for skilled labors is an issue we will continue to see in 2018.
Staying ahead of change is one way you can ensure you and your company stay competitive in the construction industry. For more than forty years, the Knipp name has been helping homeowners, landlords and investors with their real estate development needs. We invite you to visit us online at www.KnippContracting.com or www.KnippCommerical.com and view our online portfolio.
Whether you are looking to renovate your office space or break ground on a commercial real estate project, our team of experienced experts are ready to help you with all your construction and real estate development needs. We look forward to hearing from you soon!