“Additionally, there is a big trend for larger corporations to bring their employees back downtown. For instance, Milwaukee Tool, Northwestern Mutual, Fiserv and Enerpac are a few that have focused efforts on getting their employees back or to the heart of the city,” he says. “Developments downtown support a theme of connectedness. Bringing these businesses downtown helps bring more density to the city, spurring more construction needs.

“In addition, Milwaukee’s housing market has brought positive synergies between housing and business that will impact the city positively,” he says.

“The construction industry’s 2024 outlook continues to be strong, but 2025 is somewhat unknown. Milwaukee has industrial, health care and power and energy industry backlogs. But that next big anchor project is up in the air.”

Most significantly, residential construction is slowing down in Milwaukee, mainly due to uncertainty about interest rates. If interest rates become lower, as promised, there could be a more significant influx of new builds. However, until then, the residential market’s performance hasn’t matched the rental costs seen in the market. And, in the market’s current state, it is more financially feasible for developers to acquire existing facilities than build new ones.

Conversely, if interest rates continue to rise, the construction industry will remain impacted because the higher construction cost will, in turn, affect an owner or developer’s ability to get new projects off the ground.

In today’s economy, construction firms must build smarter, not harder. Studies have shown that most large construction projects can take 20% longer than estimated and run up to 80% over budget. Implementing solutions like industrialized construction, specifically prefabrication and modular construction solutions, is a reality-tested approach that Boldt has implemented to improve project outcomes. Through industrialized construction, Boldt can deliver a fully furnished, code-compliant building in less than eight months. That’s a 66% improvement on a traditional 18-24 month design/construction schedule.

It’s no secret that the labor market is continuing on a downward trend. By 2030, 40% of the construction workforce is estimated to retire. The availability of qualified tradespeople and professional staff is an ongoing challenge in Milwaukee and beyond.

For Boldt, mentorship and workforce development programs are critical components to growing a workforce for the future. The company currently has workforce development programs in process at offices nationwide. On a national basis, Boldt works with North America’s Building Trades Unions (NABTU) on various apprenticeship readiness programs. We’re committed to investing in training and education to advance our industry and provide long-term careers.