The construction industry is gearing up for another year of steady economic growth in 2016. The Associated Builders and Contractors (ABC) predicts a 7.4% increase in nonresidential construction spending along with growth in employment and backlog. In the private nonresidential sector, ABC forecasts that the manufacturing and lodging industries’ construction spending will grow the most. In the public nonresidential sector, ABC predicts that the commercial and power industries’ construction spending growth will top the list.
One of ABC’s indices, the Construction Confidence Index, assists management with a sense of typical contractor’s outlook over the next six months in respect to hiring, profit margins and projected sales growth. The most recent survey shows that contractor confidence about sales and profit margins has improved. The pace of hiring is expected to continue at a steady pace; however to the difficulty of finding suitably skilled labor will continue.
As a respected leader in the industry, AssuredPartners NL’s team of construction and surety experts understand the risks, exposures and challenges that builders and contractors face in today’s economic environment. To learn more about mitigating those challenges so you can focus on the operation and financial growth of your company, visit AssuredPartners NL Construction.
Source: Associated Builders and ContractorsShare This: