With the economy poised to make a big comeback in 2021 as businesses around the world reopen and the COVID-19 pandemic begins to fade away, many types of businesses are carefully analyzing market trends and what they can expect their field to look like for the rest of the year and beyond.
The construction field in Pennsylvania is no exception—there are expected to be some major trends in the world of construction this year that are influenced in large part by the financial circumstances of the last year, but also just due to the changing nature of construction work in general.
Here’s a quick overview of some of the top trends to watch for:
- Pandemic safety: Just about all industries have had to make some adjustments to ensure the safety of workers during the pandemic. Construction companies, like many other businesses, are focused on regular sanitization, washing of hands, not touching faces, wearing masks and encouraging vaccination, especially now that vaccines are so broadly available.
- Challenges for subcontractors: The market is getting tougher on subcontractors. Many will likely go out of business as a result of the pandemic if they haven’t already. While general contractors will still be in the market for some subs, they will likely start to do a lot of the work themselves that they would have previously reserved for subs, expanding their in-house capabilities.
- Hiring sprees: Market analysts are expecting there to be big surges of demand for construction projects, especially considering the number of projects that had to be put off at the start of the pandemic. People are going to want to get caught up on these projects, and that means construction services are going to see an explosion of demand sooner or later. This means many companies will likely go on hiring sprees to be able to take on all of the work that could be coming their way. Given the need to expand in-house capabilities due to a lack of subs, this gives general contractors the ability to become all-in-one service companies.
- Environmental focus: The focus on environmentally-friendly practices has been a significant part of construction for some time now, but it’s expected to be even more intense in the coming year. Expect a lot of focus on solar installations and other forms of renewable energy as it continues to become cheaper than other forms of energy, particularly those based on fossil fuels.
- Focus on infrastructure: President Joe Biden is working on big infrastructure plans that could keep contractors busy in the latter parts of 2021 and beyond. A potential multi-trillion-dollar infrastructure bill would include focuses on transportation, aviation, civil works, flood control, drinking water, renewable energy projects, school projects and more. With federal dollars flooding the infrastructure space, construction companies will be looking to take advantage of the investment.
For more information about some of the trends that are expected to influence the world of construction this year and beyond, get in touch with the Pennsylvania construction professionals at WSL Incorporated today.