Big Cities

For the past several years, Atlanta contractors have practically yawned when asked to describe the local construction market. But 2014 will provide a real wake-up call. An Atlanta forecast by Jones Lang LaSalle indicates that the market's construction fundamentals are improving notably.

Citing "tightening fundamentals of key asset classes," including the industrial, office, hospitality, multifamily and retail markets, the report states: "We anticipate construction in metro Atlanta to progressively saturate the various asset classes. Moreover, we see a broadening of activity into smaller projects due to the area's improving economic and real estate fundamentals."

In Miami, meanwhile, the soaring residential market should keep activity booming.

Florida's New P3 Law

To date, most of Florida's public-private partnership projects have revolved around infrastructure. But a change in state laws should elevate the use of P3s to new heights. Before this new class of P3s starts rolling out across the Sunshine State, a task force, known as the Partnership for Public Facilities and Infrastructure, will recommend guidelines for local implementation, which are due by July. Across the state, local governments will soon have a new tool to kick-start needed projects.

Dealing With the Upturn

In hindsight, clearly not every contractor prepared itself during the good times for an eventual decline. Remembering those lessons will be key, says Scott Moss, president at Moss & Associates: "The most interesting thing will be watching companies coming out of this slow period and how they do on this quick rise up."

Good luck keeping your eye on the ball in 2014.