The state of Florida added 22,300 construction jobs in 2016, equating to a 5.1% growth (according to the Labor Department). This was more than any other state by comparison in 2016, according to Associated General Contractors (AGC). Here’s how construction growth is expected to go in 2017:
New Home Construction:
National Association of Home Builders (NAHB) is projecting a 4.9% increase (nationwide) in residential new home construction with single-family home construction enjoying the greatest part of this increase, while multi-family home construction is expected to hold at a steady pace with last years production.
Home Renovation:
NAHB is projecting residential remodeling activity to see a 1% gain this year over last year.
Non-Residential:
Associated Builders and Contractors (ABC) forecasts a slowdown of growth in commercial and industrial construction industries in 2017. Although non-residential investment spending is expected to increase by as much as 3.5%, rising commodity prices and potential interest rate increases in 2017 are expected to counter growth in these sectors.