In 2016, one of the turning points in commercial construction is the process of going green. By far, 58% if the activities related to the building are focusing on improving the environment and saving energy. With the corporations hunting for creative ways to sell and endorse their brand, the demand for renovation is on the rise.
2016 will show an increase in renovations at shopping malls as well as the construction of new restaurants, developing more corporate offices, recreation, and healthcare. Compared to 2015, retail construction is said to go up by 3% and make 10.4%. Business owners are now marketing their brand by using creative and innovative commercial construction. In terms of the restaurant industry, consumers are trying all sorts of dining from fast food to fast casual and fine dining. This concludes that the ground-up construction developments and projects for old and new dining facilities are inclining.
With the interest of public entertainment and amusements, entertainment facilities are expected to make a comeback. Recreation and amusement construction projects will reach the growth of 6.6% and be worth $15 billion. In addition to this, renovations of shopping malls will also include entertainment and amusement elements. For instance, Commercial wiring installation companies will need to come up with more innovated, faster methods of completing jobs.
The healthcare and office facility construction is set to rise in 2016 as well. The National Association of Realtors expects office space in the United States is likely to have net absorption increase of 5.4 million square feet and possibly reach up to 50 million square feet. Healthcare will witness the growth of 6.6% from the -1.8% that took place in 2015.
While the commercial construction industry continues to grow consistently, the manufacturing plant construction industry is expected to decrease by more than 16% in 2016. However, the experts of this industry disagree. They have released their own statistics which show the tides may take change and the construction of plants will stay steady in terms of growth in not just 2016, but also in 2017.
Even though every industry has its own thoughts of what is to come, renovations of new construction projects will offer a number of opportunities in this year and in the future. Able Electrical Services will be there to assist with any of your construction needs from Commercial wiring installation to handling projects on a large scale.
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