In the midst of a terrible economic slump it’s hard to imagine an increase in commercial construction contracting. However, this is the case in several parts of the country, and as these contracts continue to be developed, the future begins to appear more and more promising; hopefully these local increases will continue to move throughout the country and stimulate our country’s economy.
In the case of Birmingham, Alabama, commercial construction in September was up 52 percent from 2007; from $45.5 million to $69.3 million. Although year-to-date numbers are down, contractors in Birmingham are beginning to look more optimistically at the current economic situation. With a continued increase in commercial developments, many cities in the country may begin pulling out of this recession, or at least set themselves up to emerge on top when the economy turns around.
It is still unclear what the reason for this commercial contract increase really is. It has been suggested by economists that the dramatic decrease in the price of many construction materials over the past few months may have allowed contractors to bid at lower costs. Others claim investors want in at the low end, hoping to cash in when the market turns around. Either way, this micro-boom in the commercial construction market may provide the hope and confidence necessary for investors to regain faith in our markets.
What do you think? What have you heard about the commercial construction market in your area? If you have an idea about what’s going on in your area leave a comment below!
source: www.bizjournals.com
that is really good news... i dont feel it has trick down into the chicago market as of yet...
Posted by: Chicago Remodeling | August 20, 2009 at 11:43 PM
glad to hear some parts of the country are doing well.... i do residential and its slow for me... hope things turn around soon
Posted by: Chicago Electrician | August 20, 2009 at 11:44 PM