The construction industry’s profile has changed since the pandemic.
In 2021, the construction industry is looking good and booming with opportunities in industrial, residential, and commercial real estate.
The construction sector is expected to grow at a CAGR of 4.2 by 2023. This article takes a comprehensive look at some of the contemporary opportunities presented to the construction industry by the COVID-19 pandemic.
Social distancing measures and lockdown regulations implemented by various governments worldwide in order to stop the spread of the virus meant that people had to spend most of their time at home. With schools resorting to virtual learning and organizations promoting working remotely there came a growing need to remodel indoor and outdoor environments.
Therefore, home remodeling projects are becoming a necessity as people seek to make homes liveable and adaptable to pandemic-related housing and modern design trends. Professionals are adapting to a new world of social and professional distancing and seek to increase and redesign space at their homes for work-related matters like video meetings, video calls, and conferencing.
More Comfortable Living Spaces
In 2018, studies revealed that 14% of homeowners in the U.S. planned to upgrade their kitchens. Now that vaccines are being rolled out more frequently and COVID-19 restrictions are being lifted, there has been a further increase in demand for kitchen renovations that suit modern home designs.
The kitchen has become a popular remodeling area as more people are cooking at home and the kitchen becoming a center of family life. The contemporary use of fiber-reinforced polymer composters and other alternative materials has pushed the construction industry forward as more old buildings are being remodeled.
Greater Need for Services
Overall, the construction industry’s profile has changed since the pandemic. There is also a need to construct more homes as the need for personal space in homes has increased. Most people are renovating part of their homes to create office space or building small offices. No doubt this is an opportunity for construction companies to provide more of their services.
Data center construction is also expected to bring more money to the construction industry. As more people are staying home and working remotely, more people are accessing the internet. Worldwide there are about 1.8 billion websites operating at the same time every second, and this has caused a significant increase in the global data center market size. The increasing demand for mega data centers to hold servers has seen an uptick in construction projects.
Another area that has presented the construction industry with vast opportunities is the real estate industry, which has necessitated the construction of rental properties. With the availability of surety bonds in private construction securing construction projects, the construction industry is expected to grow in investments.
Residential and non-residential property is the biggest investment most people will ever make. And the move to build a new home or upgrade an existing one has no doubt boosted the construction industry. Construction companies have an array of construction projects and with more people staying at home this has displayed unexpected opportunities for the sector.