Contractors are mostly optimistic about the future of the commercial construction sector, according to the third-quarter USG Corp. + U.S. Chamber of Commerce Commercial Construction Index.
Of the contractors who were surveyed, 95 percent said they expect revenues to grow or remain stable over the next year compared with the previous 12 months, the U.S. Chamber of Commerce reported. Additionally, 93 percent said they expect profit margins to grow or remain stable.
“The Commercial Construction Index is unique in providing the contractor’s view of the state of the industry, which is a key driver of the U.S. economy,” Jennifer Scanlon, president and chief executive officer of USG Corporation, said in a press release. “This quarter’s findings reveal strong optimism about future prospects for the industry, and also highlight a real need to address ongoing concerns about skilled labor shortages and the impact it has on building in the U.S.”
Contractors are less optimistic about finding talent. The survey comes after the devastation of Hurricanes Harvey and Irma, which increased the shortage of commercial construction in the South. Of southern contractors, 66 percent reported concern about finding skilled labor. Overall, 60 percent of contractors admit to having difficulty finding skilled workers, and 91 percent are at least moderately concerned about the skill level of the construction workforce.
“The commercial construction industry employs millions of Americans and the contributions the sector makes to the U.S. economy are vital to our country’s growth,” Thomas J. Donohue, president and CEO of the U.S. Chamber, said in the release. “However, finding skilled workers remains a challenge for this industry, and it’s likely to remain a challenge in the areas affected by the recent hurricanes. Finding skilled construction workers will be essential to ensure the Gulf region is able to quickly and efficiently rebuild. Our nation must address our workforce challenges to enable the economy to grow.”
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