Rebuilding The Construction Industry
The construction industry lost more than 40% of its workforce between 2006 and 2011, but when the economy recovered from The Great Recession, the gap in the workforce remained. While the workforce has diminished, industry revenue continues to grow.
According to IBIS World reports, trades are multi-billion dollar businesses; plumbing businesses employ almost half a million workers and generate over $100Bn in revenue, and electricians employ almost 1 million workers and generate $171Bn in revenue. 2017 saw the highest Housing Market Index numbers since The Great Recession, an optimistic sign home builders expect a boom in business.
Consumer demand for new housing and remodeling of existing homes coupled with a smaller workforce means big opportunities for small business owners in the construction industry. Home builders, architects, plumbers, electricians, drywall installers, flooring installers and the like all stand to profit from current market conditions.
Lendistry’s small business loans can provide the capital needed to buy materials, hire workers, and market your business with responsible rates and transparent terms. If your business needs capital quickly to start new projects, Lendistry can deliver funds faster than traditional lenders. Lendistry also offers all clients complimentary business coaching through our nonprofit partner, The Center, to help you make the most of your funding.
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Did you know?
Earliest known construction in America was built by the Pueblo peoples in 750AD.
Puerto Rico is home to America’s oldest structures, built in 1520s-30s, since settlement by Europeans.
Completed in 1895, the Biltmore House in Asheville, North Carolina is the largest house in America, boasting 135,280 sq/ft of floor space.
In 1829, the Tremont House in Boston became the first hotel to have indoor plumbing.