The pandemic and economic shutdown have wreaked havoc on the commercial construction industry. But so far, Houston has handled the slowing demand better than many others.
Home builder confidence is running at a record high. Nationally, the housing market jumped six points in August. It’s a reason for many in construction to feel optimistic amid a downturn in demand for commercial buildings. Russell Hamley is the President of Associated Builders and Contractors' Houston chapter.
“In Houston, in particular, the oil and gas market is not in good shape, and that usually affects the construction industry down the road. As the economy slows down, construction will slow down,” Hamley said.
So why is Houston’s construction industry faring better than other major cities like Chicago and New York? He says construction workers in Houston are considered essential, and have been able to finish what they started before the pandemic. That gives Houston’s industry an advantage over other major cities with more limitations on business.