As predicated at the end of 2014, the outlook for the construction industry is set to steadily improve throughout 2015, and Steel, LLC continues to respond to the shifts that are emerging. Constructional steelwork contractors are gearing up for a spurt in orders this year as demand is forecast to jump 9% from 2014 to $612 billion, we’ve already begun to see some indicators of this growth in areas such as employment and the construction backlog indicator. By providing solutions to answer the needs of this industry, Steel, LLC is able to respond effectively to the following predictions for 2015.
1. Employment
Construction jobs are on the rise: according to the Bureau of Labor Statistics, construction added 29,000 jobs in February. Compared to February 2014, construction jobs have increased by 321,000.
2. Construction Backlog Indicator
The Construction Backlog Indicator (CBI) reflects the amount of work that will be performed by commercial and industrial contractors.
3. Commercial Building
Commercial building will increase 15%, slightly faster than the 14% gain estimated for 2014. Office construction has assumed a leading role in the commercial building upturn, aided by expanding private development as well as healthy construction activity related to technology and finance firms.
4. Industrial Building
The industrial sector continues to dominate demand for steel with 47% or 422,000 tons destined for this sector. In the recovery period of 2014-2018, structural steel consumption in industrial buildings is expected to rise 23%.
5. Institutional Building
Institutional building will advance 9%, continuing the moderate upward trend that’s been established during 2014. The educational building category is now seeing an increasing amount of K-12 school construction. Healthcare facilities are expected to show some improvement relative to diminished activity in 2014.
As you can see, the near future looks bright as well as challenging with new requirements. As the construction industry continues to improve and evolve, Steel, LLC will continue to meet the demands.