By its nature, the construction industry is an optimistic group. However, by the end of the “summer of recovery,” firms’ rosy view that better times were right around the corner has been tested and found wanting. Major contractors, engineers, subcontractors and construction service firms have concluded that the industry recession will last for the foreseeable future and that they need to be prepared to hold on for as long as it takes. + Image Related Links: Economics: With Margins Cut to the Bone and No Demand, Costs Are Left With Nowhere To Go Cement: New EPA Regs Pose Cost Problems
The market is generally healthy and steadily growing, and margins are up for large specialty contractors. Further, advances in design tools and owner demand for collaboration are giving subcontractors a seat at the table early on in projects.