2015 foresees loads of opportunity for residential construction. In fact, residential construction is expected to total 416.2 billion dollars and make up about 40% of total construction nationwide. As more homeowners become more energy-conscious, the demand for green homes grows. In residential construction, building green is definitely going to be hot in 2015. Also, homeowners and prospective buyers are beginning to focus more on outdoor space, such as fireplaces, livable screened porches, and elaborate dining and socializing areas. As a result, more property holders are going to be seeking out contractors who can perform these extensive renovations. In fact, residential construction improvements are expected to rise to nearly 151 million dollars, about 36% of total residential construction.
In addition to renovations, housing starts are projected to total between 1.0 and 1.1 million units. Single family housing will make up 700,000 of these projects, and multifamily housing will consume the other 350,000 to 400,000. Furthermore, single family housing is expected to bring in about 212 million dollars for residential construction, a 15% rise in dollars, as well as rise 11% in units, and multifamily housing should total at 52 million dollars, a 9% rise, along with a unit growth rate of 7%. Despite the housing crash in 2008, real estate along with residential building is making a comeback. With residential construction on the rise, there are sure to be a multitude of opportunities for architects, contractors, electricians and construction laborers. Be sure to look for these residential building trends in 2015!
– Sara Isbell