It has been a wobbly return to normalcy over the last several years, but there is hope in sight. Savvy construction firms should take advantage of the new opportunities presented as soon as possible.
New data from UCLA shows the following three opportunities that may be intriguing investments in the next stage of economic recovery:
The return to the office
For the last two years, across all sectors, businesses have gone to a remote environment. This has left many buildings in central areas empty. However, economic recovery has increased, and office buildings are coming alive again. Support businesses, such as office suppliers, restaurants and the like, will soon revamp or reopen. These are development needs that will need the help of skilled contractors and builders.
New home building
We’ve mentioned this in a previous post, and we’ll mention it again here, new housing developments will be vitally important to a portfolio. Your business plans in the coming years should look at all the funding opening up for these projects and take them into account. Between the red-hot luxury real estate market and the necessities of low-income housing, there are many options to consider.
Reconfiguring retail environments
Perhaps the most fascinating is the change coming to retailers. Throughout the pandemic, closed-in, traditional retail has invited anxieties for shoppers and retail workers. Moving to open-air, ventilation-heavy retail facilities will encourage people to be out and shopping and eating more frequently. To attract these customers in this new world, existing shops will need to remodel significantly.
These projects look to be challenging logistically and legalistically but expanding into a niche like this could be highly profitable.