For the first time in years, it is difficult to predict what the construction market will do in 2015. Bull market operations exist from construction pros and trade contractors as a whole. <br /> <br />The following are questions that we are looking into for those belonging in the Construction Business Category: <br /> <br />1. Who will lead the future of the the construction industry? <br />2. Is the market going to sustain a construction boom? <br />3. Are material prices and supply going up too quickly? <br />4. Is technology being used on the job site helps in increasing production output? <br />5. To complete projects in a timely manner is there enough available labor? <br />Some of the leading experts in the construction industry answer these five questions to help pros and contractors understand what to expect in 2015. <br /> <br />1. FINDING TOMORROW’S PROS <br />Many baby boomers retire in the construction industry retire in large numbers, thus the need for a pipeline of future leaders and planning is an integral part in the construction business. It remains a primary challenge to finding and retaining: <br /> <br />a. Effective leaders <br />b. Executives <br />c. Craftsmen <br />d. Workers <br />In late 2014, a survey AGC conducted: <br />a. 83 percent of the 1,086 contractors who responded said they were having trouble filling one or more craft positions <br /> <br />b. 61 percent of respondents’ companies reported difficulty filling professional positions — primarily project managers and supervisors. <br /> <br />“I expect these pressures to intensify in 2015 now that the unemployment rate for former construction workers has reached an eight-year low,” Simonson says. <br /> <br />We will not ignore areas where skilled labor is at a premium. As a result, this year of 2015 compensation costs are expected to rise quicker than they have in previous years. <br /> <br />“The industry is responding to pent-up demand for commercial projects that didn’t happen during the long recession,” McCarthy’s Lawrence says. “This translates to a growing need for new, highly skilled workers, especially in areas where the activity is greatest, like Texas, California and the Southwest — places where the recovery of the housing bust is going on.” <br /> <br />2. CONSTRUCTION GROWTH INCREASING <br />Overall spending within the construction industry will be up in 2015. <br /> <br />FMI reported that 2014 saw a 7 percent growth in construction for an annual total of $972 billion. FMI, based in Raleigh, North Carolina, expects the growth to continue to $1.04 trillion in 2015. FMI is a provider of: <br /> <br />a. Management consulting <br />b. Investment banking <br />c. Development services <br />a. Engineering <br />b. Construction industry <br /> <br />From Mr. Brian Strawberry, research consultant for FMI said that, ““Growth in nonresidential construction spending is also very much tied to improving residential market conditions.” In 2014 , much of this growth is driven by private investment, as recorded with the exceptional performance in markets of: <br /> <br />a. Lodging <br />b. Commercial <br />c. Office <br />d. Manufacturing
