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The construction industry experienced a strong year in 2015, up 10% over 2014. So what's the outlook for 2016? Many factors are contributing to this projected building growth notably regulation, demographics, inexpensive capital, a strengthening economy and technology. Alternate delivery methods are now making projects viable that otherwise might not have been as well.

Labor shortages might cause a problem for continuing growth in the commercial building industry. Finding qualified workers has been difficult. These labor shortages could be a barrier to continued growth in the commercial building industry and may create wage inflation. There is a great need for more skilled craftsman including; electricians, pipe fitters, plumbers, etc. If labor shortages continue it will begin to slow growth and create wage inflation.

Demographics and the strengthening U.S. economy are helping to drive construction growth. As the economy gets stronger businesses grow as a result of consumers with more discretionary income. This is directly impacting the lodging, retail and healthcare sectors. Millennials are playing a key role in boosting this part of the economy. They travel more therefore feeding hotel growth and remodeling. Millennials expect fast service therefore making it imperative for retail companies to invest in faster order fulfillment systems. Aging Baby Boomers and the Affordable Care Act are infusing more life into the healthcare construction sector. Emphasis on wellness initiatives and preventative care are generating more need for new and alternative healthcare facilities.

The economy is on the rise and so is commercial building. We hope you are as excited as we are!

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