Government backed infrastructure projects are prized contracts for contractors and subcontractors alike. How the infrastructure and construction forecasts look for each year is always of utmost importance to companies as they explore new opportunities. At South Coast Surety, we prepare our brokers and agents to meet the needs of construction clients providing the most current industry information. In this edition, we provide an overview of Dodge Analytics 2019 construction forecast.
While the overall construction industry is projected to have a modest 3% growth, there have been many state and local bonds passed and issued of the past year. This means while the private sector may be slowing and federal dollars have yet to be allocated through a budget deal, there are still many bid opportunities out there for construction professionals.
Below are highlights of the report’s projections:
- Institutional building should advance at a 3% rate, exceeding the 1% gain in 2018.
- Educational building should see continued growth in 2019, indicated by the abundant school construction bond measures.
- Healthcare projects are projected to rebound after pulling back in 2018.
- Transportation projects such as airport terminals and large projects in entertainment areas are expected to hold steady at the 2017 and 2018 levels.
- Public works construction should see a 4% increase over 2018 with varied project types.
Dodge Data and Analytics completed this forecast on October 25, 2018. We have linked to the complete survey for you and your clients to complete a deep dive at your convenience.
In addition to the Dodge report, Steve Swartz, President of South Coast Surety addresses environmental impacts on the construction industry. Steve explains, “2018 brought us extreme weather coast to coast. The significant storm and fire damage we’ve seen here in California and the severe weather in central states to the east coast has taken its toll.” He continues, “ The damage caused by these events requires significant rebuild and a greater need for contract surety”. He also points to the continued aging infrastructure nationwide as an area for growth in construction.
Contact South Coast Surety for all of your contract surety needs at email@example.com or call 1-800-361-1720.