Home builders and renovators have the potential to, forgive the pun, build up their communities in big ways. Their work increases property values, brings money and jobs into communities, and provide benefits to their fellow small businesses in all industries.
The economic impact of home builders on local communities is substantial. A 2015 report from the National Association of Home Builders shows that building new houses consistently puts millions of dollars into the local economy every year, adds significantly to the tax revenues of local governments, and creates hundreds of jobs. Remodeling also has the same benefits on a slightly smaller scale.
Coming Back from the Brink, and Hiring!
While the benefits of building are clear, the industry has faced a lot of challenges in recent years. After the Great Recession in 2008, home building came to an abrupt halt. The workers who lost their jobs transitioned to other fields in the auto and energy sector. Building is slowly coming back, and available jobs are coming with it, but a recent report from CNN Money shows that the workers building businesses need to complete jobs at their usual speed and volume are not applying.
The pool of new workers is also shrinking. The time and resources high schools used to devote to vocational training are now being redirected to encouraging STEM (science, technology, engineering and mathematics) pursuits. Building companies are also forced to increase the wages they offer to compete with other employment options. To combat this problem, organizations like the MikeRoweWORKS Foundation are spreading the word about how beneficial trade jobs are and even providing grants to help young people learn a trade and help trade schools acquire the tools they need to teach.
In short, contractors and home builders are ready and willing to hire!
Home building and renovating companies can invest time and resources in cultivating a pool of workers and a community of goodwill in many ways.
- Partnering with community colleges to highlight the prospects of trade jobs.
- Launch a branded marketing campaign aimed at the benefits of home building jobs and the local impact of building projects.
- Attend local business networking events and encourage small businesses to think of you when they want to improve their locations.
- Share and connect with organizations like the Mike Rowe Works Foundation on your social media.
- Apply for a small business loan to offer competitive rates to new employees and bid for new jobs.
Builders are Good for (Every) Business
Small businesses and individuals alike can participate in this growth by supporting the industry and reap some benefits of their own.
Productivity and morale: Harvard Business Review states that dips in employee productivity are often related to stale or outdated workspaces. Following a renovation, employees are half as distracted.
Public image: A refreshed, revamped, or even rebranded space is an investment in bringing in new customers and re-engaging existing ones.
Newer is cheaper: Investing in updated and sustainable construction reduces your maintenance costs and your carbon footprint. Sustainability is not just a buzzword. It’s popular because it is the way to a brighter, happier future and the key driver of innovation. Consumers love to see businesses that share their values.
According to Professional Builder, 81% of home builders are small businesses, but 96% of home builders qualify as small businesses. Lendistry is here to support small businesses that want to grow. Because when small businesses have a fair chance to grow and thrive, they lift up their communities with them.