For a general contractor, knowing trends that customers will be interested in is an important part of getting jobs and good reviews. Knowing trends is also important because trends predict work and pay patterns and target audiences to build for.
One trend that has been gaining popularity over the past few years is renovations. Many popular TV shows have shown people that a home renovation or remodel is a fun and exciting way to completely change a house. New constructions have nothing on the popularity of home remodels, and surveys even show that most people have no plans to move, only plans to renovate. For general contractors trying to make a living off of new constructions or flipping homes, the business has not been great the past few years, and it’s appearing that the business will not be getting any better.
Another trend that’s been popular over the past years is that Millennials are no longer buying starter homes. Instead, they are choosing to rent apartments or houses, or, surprisingly, live in the basements of their parents. A recent survey has shown that around 1/3 of millennials are still living with their parents. This trend is bad because new builds are not being purchased, and there are too many existing homes for sale, creating an excess of empty houses. The tend also means that apartments and houses for rent are much harder to come by. Previously, builders and realtors would look for people in their 20’s, looking to settle down and buy a house.
However, recently, builders and realtors have been advised to target customers who are older, have a stable job, financial situation, and have paid off their debt.
Lately, the construction industry has been facing a huge shortage of workers. Workers are hard to come by as construction is often a low-paying job. However, the new need for highway workers and other general contractors is increasing, making contractors a supply in demand.
Workers have been asking for higher wages lately, and, hopefully, for them, this new construction boom and worker shortage will help contractors make more money, pushing more and more people to go into the field of construction and contracting.
Of course, there are other trends in contracting, but the trends mentioned above seem to be the biggest.