The US Chamber of Commerce together with the USG (United States Gypsum) Corporation has published surveys that strongly point towards the commercial construction sector’s development and growth in 2017. Commercial construction is experiencing a boom throughout the US making employers and contractors optimistic about a vertical expansion in the construction and building sector. The USG in cooperation with the US Chamber of Commerce releases a CCI index every 3 months or quarterly that throws light on the outlook and prospects pertaining to the construction sector of the economy.
In each index, contractors from all over the country voice and share their opinions regarding their perspectives about the industry as to its growth trajectory. And as per the recently launched quarterly, a whopping 96% of contractors who were surveyed strongly felt that revenues will either remain steady at worst or might shoot up in comparison to 2016. 40% of the interviewed contractors actually believed that revenues would increase while a minuscule 3% anticipated a diminution.
The CCI directory endeavors to estimate and pinpoint the drivers of commercial construction sector including but not limited to the parameters of funds availability/accessibility, labor force problems, revenue forecasts, business ventures in the pipeline, and work backlog or stalled projects. The data relating to the index is instrumental to better comprehending the strengths, weaknesses, opportunities, and threats surrounding the industry. The majority of the reviewed contractors (about 66%) were looking forward to contracting additional workers in the forthcoming months indicating a growth trend in a segment that comprises a workforce of nearly 3 million individuals.
However, it was worth noting that about 61% of the employers who were surveyed testified that was a dearth of skilled workers. Especially, there was a shortage of employment-ready workers for plumbing, electrical, masonry, millwork, interior decoration, and concrete divisions. Head honcho of the US Chamber of Commerce, Tom Donohue voiced the significance of the commercial construction sector in revving up the US economy and was ecstatic about the forecasted growth.
But at the same time, he was concerned about the scarcity of competent workers for the aforementioned sectors. He further stated that all necessary steps should be taken to make sure to have a qualified workforce that will capable of taking up the openings. The report or index especially focuses on the findings of three key indicators-revenue projections, business opportunities, and work backlogs.
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