As we enter into the second half of the year, we at I Build America – Ohio can’t help but celebrate the successes so far and look forward in anticipation to what’s to come in 2020 and beyond. We can’t capture everything in this one post, so we’re sharing our top 5:
- Global Impact
For construction industry hopefuls, job security is a certainty.
The McKinsey Global Institute reports that today, 14.7% of the global GDP is created by the construction industry. That’s an improvement from the industry’s percentage in 2014, totaling at just 12.4% at that time. And, that global impact is sure to continue to grow. The McKinsey Global Institute also reports that we will need an estimated $57 trillion in infrastructure by 2030.
- High-Demand Employment Opportunities
Employment opportunities are endless for years to come.
At the start of the year, the Ohio Department of Transportation (ODOT) submitted the “January 2019 Construction Cost Outlook and Forecast” paper. In it, they discuss trends of recent years and expectations for the future. Their findings show that “Ohio construction employment experienced a 4.9% rise year-over-year.” This increase, totaling 10,500 laborers, is the highest employment the industry has seen for 13 years. But even with these impressive numbers, employers are still struggling to fill important, vacant positions. A recent study completed by the Associated General Contractors of America found that 80% of the 2500 respondents find it challenging to fill hourly skilled trade positions, while 56% report they have a hard time filling salaried positions. There is a definite need for skilled tradesmen and women today and in the years to come.
- Increased Social Media Presence
The construction industry is connecting unlike ever before.
Social media engagement gives skilled laborers a chance to connect with customers and earn their trust before a project even begins. More construction businesses have a social media page (or more) than ever before. According to JB Knowledge, 75% of construction businesses now promote on social media. In the past, this marketing strategy wouldn’t have made much sense for large and small firms alike. But now, social media provides an opportunity to show work in progress photos and completed project shots on a platform where customers are already actively engaging many hours of every day.
- Innovative AI Capabilities
Artificial Intelligence is sure to support industry success.
In addition to modifying how the construction industry is communicating, it’s also changing how it’s getting the job done. ODOT’s report says that in addition to spending more on skilled labor wages and benefit packages, construction companies are “investing in labor-saving technologies such as drones, robots, and 3-D printers.” This investment is sure to pay off. In fact, according to Accenture, artificial intelligence (AI) are expected to boost profits for the industry by 71%.
- Future Growth
The trends of 2019 will continue into the next decade and beyond.
The federal government has made infrastructure funding a top priority. ODOT’s report says that the predicted budget for 2020 is expected to be around $1.5 billion with all subsequent years after 2021 exceeding $2 billion. This increase has led to promising predictions by the Ohio Department of Transportation. With the additional funding, the construction industry is expected to grow by 4.5% through next year. Read more predictions from Tradesmen International here.
2019 is proving to be another great year to be a part of the construction industry. Based on these findings, 2020 appears to be no different. If you’re ready to join the construction industry at this exciting time of growth and change, contact us today. For even more construction industry statistics, click here.
