Last week we featured the first part of a 2014 report by the construction software research and reviews website, Software Advice, that helps us understand the construction industry today by comparing it to its pre-recession state. Here is the rest of the information featured in the report…
Manufacturing valuations making small improvements and energy construction up significantly.
The graph above shows that from its peak in 2009 (at $64 billion), the monthly valuation of manufacturing was virtually cut in half when it fell to $31 billion in December of 2010. Manufacturing made a decent comeback by last July when it was valued at $58 billion.
Energy construction is one of the only sectors doing considerably better than its pre-recession performance. Last July, the monthly valuation of energy construction was at $97 billion.
***Construction firms in 2014. ***
There are fewer construction firms today and only a handful are experiencing growth. However, the firms that do see growth are experiencing it at an extremely fast rate. In 2007, the average three-year revenue growth for construction firms was 195% whereas in 2014, it is at 403%. We might be able to attribute a considerable amount of this growth to the industry’s recent use of tablets, smart phones, mobile apps, and cloud based software to manage their construction projects. Lastly, the report explains that there are now more small firms that do niche construction work (this is probably a response to the increase in renovation work and a decrease in the building of new homes).
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