Is 2023 a good time for construction companies to grow their businesses? But we’re not finished with 2022 yet, right? Technically that’s correct, but we’re rapidly approaching 2023. And in this post, we’ll discuss how you can position your construction business this year for growth in 2023.
Why do we think 2023 will be a good year for construction growth? We found some excellent insight from the experts at Rental Equipment Registry:
Building Construction to Continue Strong Through 2023, AIA (American Institute of Architects) Forecasts
Construction spending on buildings is projected to increase just over 9 percent this year and another 6 percent in 2023, according to the mid-year update of the American Institute of Architect’s AIA Consensus Construction Forecast.
That’s great news for skilled tradespeople and construction companies alike.
So how can you take advantage of that growth? Here are three simple tips.
Look for new projects resulting from increased commercial building construction and the infrastructure bill.
As referenced in the RER quote, commercial building construction will grow significantly in 2023, along with infrastructure projects.
The infrastructure deal includes $550 billion in new federal investment in America’s infrastructure. Those dollars will create significant work for a large number of construction companies and skilled tradesmen. As we pointed out in a previous post:
What we are saying is that there will be plenty of infrastructure work and projects for general contractors, subcontractors, specialty contractors, and tradesmen of all stripes from the Infrastructure Investment and Jobs Act. This includes $40 billion for bridge construction and repair alone.
Prepare for growth by securing your construction company’s financials.
Secure your relationships with your bank, supplier credit lines, surety bonding companies, etc. Growing your business will require access to capital and increased bonding requirements. It’s time to reexamine your financials and reevaluate your supplier, insurance, and banking relationships.
Keep in mind that some relationships will place more value on different metrics, like your net worth vs. operating capital vs. past payment history, etc. So be ready to look at all aspects of your business and approach your strategic financial relationships with confidence and creativity.
Prepare to be able to grow your workforce of exceptionally skilled tradesmen and women quickly.
You’ll need an elastic workforce of highly skilled, highly capable, fully vetted tradespeople to keep your projects moving. You’ll need to have your eye on the future of available skilled trades talent. That’s where the team at STP comes in.
Are you ready to talk about keeping your skilled trades workforce pipeline filled through 2023?
Contact Skilled Trades Partners Today
It’s as easy as 1-2-3. Get in touch using the link below, ask for one of our skilled recruiting and staffing professionals, and start hiring tradespeople for your projects.
Get the skilled construction workers you need for the busy season from the expert recruitment team at Skilled Trades Partners. Whether you need temporary, specialized talent for a project or want to add skilled tradespeople to your permanent workforce, we can provide employees who are skilled, vetted, and ready to work. Contact us today at one of our four New England office locations.