Construction is probably one of the most volatile, yet at the same time the most secure industry sector. The market itself is driven by a growing global population, continuing urbanization and the redeployment of populations, leading to an industry that is worth $10.5 billion.
Anyone who wants to work within the construction industry needs to factor this volatility into their operations, giving themselves flexibility and versatility to wait out the lows, while profiting from the highs. Particular challenges include skills shortages and the soaring costs of raw materials, and ensuring there are processes in place to predict and accommodate these challenges will go a long way towards building a stable business.
As a contributing trade to the construction industry, this will ensure that you have a continuous supply of good work. As a roofer, bricklayer or damp contractor, having a deeper understanding of the industry you are working in will give you that edge over and above your competitors. So here are the reasons why you should never worry about being out of work.
People will always need houses
Where you have a population, you will always need homes. These homes need to be planned, built and maintained. The global population is growing by about 1.05% per year, with projections to reach 9.7 billion by 2050. That is a lot of housing required by a lot of families.
Beyond this, investment in new and existing infrastructure is also a much needed element of the construction industry. From repairing and expanding transport links such as roads and railways, airports and bridges, to ensuring there are sufficient supplies of energy and water, the potential opportunities for those working in construction and engineering are significant.
The cascade effect
From large scale, long term projects there is a veritable cascade effect of opportunities for all number of different skills and trades. Despite technological advances, any large scale construction project is going to require a significant amount of human input. From the initial ideation and planning phase, through to breaking the ground, and , once completed, maintenance, the work involved will keep thousands employed for many decades to come.
This in turn cascades down into local economies, where people need to have homes to live in, schools to attend, and shops to shop in. Job creation is a fundamental element of the construction industry.
Taking advantage of the skills shortage
One of the biggest challenges in the construction industry at the moment is the growing lack of relevant skills. Traditional trades such as plastering, bricklaying, plumbing and electricians have been affected by a growing generation of young people who have been enticed into academia through the levelling out of university entry requirements, and the formation of many less practical qualifications. As a result the construction industry is struggling to find enough of these traditional trades. This is great if you’re an electrician, for example. It means that your particular skills are in great demand, so that not only are you guaranteed a regular influx of work, but if your reputation stands out you can demand a much higher price.
Of course, this has its own trickle effect down into the domestic market, where a homeowner requiring work to be done in their property might have to wait several months before they can book someone in, and end up paying over the odds.
Be strategic in your business planning
A greater understanding of what drives the construction industry will give you a more informed foundation when planning your construction industry related business. Track your particular trade and build a loyal and experienced team, and you should have a business that will run for years.
