The housing bust of 2008 was a considerable setback for the growing electrical construction industry. Because electrical contractors worldwide rely heavily upon construction projects to provide a steady work flow, any dips or lulls in the housing and construction industries can serve to slow things down somewhat. When the construction industry is slow due to overall economic sluggishness, this also means that existing home and business owners are not making renovations or even necessary updates or upgrades. This is another factor that can adversely affect the electrical construction industry.
However, the construction industry has recently received a boost globally. This is likely due to a more positive economic forecast overall. The U.S. housing market has also recovered in a big way, with new an increasing number of new constructions and existing home sales in many regions. As of 2015, global revenue for all construction industries exceeds $7 trillion. By 2015, construction industries are expected to surpass $15 trillion. This trend is due to strong population growth, rising standards of living globally, and an increasingly mobile labor force.
Because most electrical work is at least in part driven by new residential and nonresidential construction activity, the outlook for the electrical construction industry is strong for the next decade. When you add necessary maintenance and repair work, or facilities services, to the mix, the forecast becomes even more positive. Since facilities services are less sensitive than construction related electrical work to the ups and downs of the housing industry, this aspect of the electrical construction industry was not as affected by the housing crisis. However, the recent recession did have an adverse affect even on facilities services.
Fortunately, economic recovery has been steady, leading to an uptick in the electrical construction industry forecast. Since 80% of electrical contracting firms have fewer than 10 employees, this economic recovery has been spread broadly and not simply consolidated in the hands of a few large companies. Indeed, small electrical contracting companies can have a strong showing in local markets across the U.S. Word of mouth referrals and relationships with general construction contractors are an important source of continued growth in the industry nationwide.
Another great way to grow your electrical construction business and take advantage of increasing demand within the industry is to sign up with a recruiting firm. Indeed, because most of the highest-paying careers within the electrical construction industry are not actually advertised to the general public, or even in trade publications, sometimes working with a recruiting firm is the only way to gain access to the choicest electrical construction job postings. Electrical Search Group is a great option for electrical contractors who want to gain an edge over the competition.
