HOUSTON COMMERCIAL CONSTRUCTION CONTRACTORS ARE SURPRISINGLY OPTIMISTIC ABOUT THEIR FUTURE.
This despite material and worker shortages and the companies needing smaller office space, commercial construction contractors are bully for the future. Curtis Dubay, Senior Economist for the U.S Chamber of Commerce, says businesses are happily surpassing their pandemic status. A year hence they have a certainty that they lacked last year. Now they have a better sense of where they are going and an excitement about going forward." Dubay says the Houston area and Texas in general are seeing businesses move in from other states...And retail construction is looking good with 85% of current retail dollars spent in storefronts.
In Houston and across the state and country, most commercial construction contractors are upbeat about their business in the second half of 2021. Dubay says renovating current office space alone will become big. "In general, the need of office space will be different. And the offices will look entirely different than they looked pre-pandemic." Dubay also says that worker shortages in the construction industry will melt quickly when supplementary unemployment income vanishes.
The U.S. Chamber of Commerce created a study on the future of Commercial Construction. Click here to read it for yourself.