Construction Study: Life After the Recession
A newly published report, The Construction Ecosystem: Recession-Era vs. 2014, by construction software research company Software Advice shows how the construction industry has recovered from the recession that officially ended in 2009.
The study is based on US Census Bureau data and the 2014 Inc. 5000 list. Some of the key findings from he report include:
- In July 2014, the total monthly valuation for all construction projects was $981 billion: 80% of its pre-recession peak.
- While there are fewer than half as many construction firms on the 2014 Inc. 5000 list compared to 2007, average three-year growth of 2014 firms is more than double that of 2007 companies.
- Even though monthly valuation for new residential construction is at 40% of its pre-recession peak, the market for residential renovation has proven resilient, with its most recent monthly valuation clocking in at 85% of its pre-recession peak.