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A recently completed construction industry survey on the 2015 outlook for the construction industry has revealed construction firms are optimistic about this year, with most of them expecting to grow and expand despite the challenge of a dearth of skilled workers.The survey, completed by ProEst Construction Estimating Software, found that 54 percent of respondents said they believe general economic growth will be the single largest driver of economic growth for them throughout 2015.
ProEst CEO Jeff Gerardi said “while the survey was just a small sampling of construction industry personnel, it bodes well for the industry that there is so much optimism”.
Gerardi further stated, “We know a healthy construction industry is a key component to a healthy economy, so it’s great to see there is a lot of optimism for 2015. Once people start picking up the trades again as a viable educational option, the whole industry will be set to really get back on track in another few years as those graduates and apprentices start entering the workforce.”
Just under 60 percent of survey respondents said they believed their profit margins were set to increase in 2015 while 32 percent said they expected them to stay the same. Just 10 percent of respondents said they expected their profit margins to decrease in 2015.
This year is set to see much expansion in the construction industry, with 47 percent of survey respondents saying they expected their company to expand by a small margin, 23 percent saying they expected to see significant expansion at their companies and another 24 percent saying they were expecting no expansion but also no contraction. Meanwhile, 4.5 percent said they expected their companies to downsize by a small margin. Less than 1 percent said they expected significant downsizing.
However, it wasn’t all positive. Just under 40 percent of respondents said lack of skilled workers to fill positions could potentially hamper growth. A further 21 percent said lack of availability of private sector funding would be a barrier to growth and 18 percent said budget deficits in public funding could potentially dampen growth prospects.
The survey was done on the ProEst Construction Estimating Software website from a sampling of construction industry personnel. The results are not scientific. Established in 1976, ProEst Estimating provides estimating software to companies in the construction industry. Their corporate offices are located in San Diego, CA and they have authorized business partners located in many major cities throughout the world.
Release ID: 72759