2021 Construction Market Predictions

2020’s last quarter made a statement with an increase in construction starts versus the same year’s 3rd quarter data. Is this a sign that the economy is bouncing back from the wrath of the pandemic? Is the construction industry looking at a brighter 2021? There’s no absolute answer to that yet but one thing’s for sure, we’re already picking up the pace from the September fall off. As restrictions continue to cool down, construction starts to speed up as if compensating for the lost times during the height of the pandemic.

Among the types of construction, nonbuilding constructions showed the highest gain from September to October. Highway and bridge projects resumed and provided the largest chunk in the September to October growth. Environmental works such as solar projects and wind farms are also included in this category. Residential buildings on the one hand focused on building multigenerational homes as people wanted to spend more time with their extended family in this time of the pandemic.

In an article published by For Construction Pros, it sighted a small win for the construction starts after a decline last September.

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