This year marks the eighth year of a recovery from the deep industry recession that was sparked by the financial collapse of September 2008, the third-longest industry recovery on record.
The construction market remains strong, but construction firms that were excited about the pro-business agenda of President Trump immediately after his election in November are now moderating their long-term outlook.
With high demand nationwide for talent in major metro areas—as well as in many secondary and tertiary markets—construction salary gains continue a steady rise.
With solid profits, U.S. contracting’s top managers are pocketing substantial bonuses on top of their base pay, say recruitment companies that conduct searches for top managers.
The U.K.’s Brexit vote last June, which called for it to exit membership in the European Union, is among factors that lowered midterm expectations for the region’s construction market, says a November report from the Euroconstruct forecasters from 19 European countries.
The prospect of an infrastructure-focused, business-friendly administration in Washington, D.C., may bode well for the construction industry, analysts say, but opinions are mixed as to whether it will lift sales of equipment out of a two-year-long slump.