Hindsight is 20/20, Foresight is 2020
30 December 2019Hindsight is 20/20
While the economy continues to strengthen and expand throughout the recent years after the recession in 2008, the rate of growth has slowed to 2% in 2019. A large part of this decline can be attributed to tightening consumer spending, which affects the residential real estate investment market worse (-3%) than the commercial real estate market(-1%). A continuing increase in market demand has driven commercial property prices higher, ranging between 2-8% higher on average compared to 2018. Among commercial real estate investments, apartment and industrial leasings lead among other types of properties, with retail strip centers and retail malls struggling to find ground in the age of rising e-commerce. However, this has lead to larger investments in distribution and data centers across the country.
While the commercial real estate market continues to boom, the labor market in the nation is showing unparalleled success for the year. This year, the unemployment rate dipped to 3.5%, the lowest in 50 years. While the amount of people looking for work is diminishing, the growth of new jobs in the market has remained positive throughout 2019. Among all industries, construction was the 5th largest in job growth throughout the country. If people are looking for work, the construction industry is creating more jobs every day.
The commercial construction industry is continuing to enjoy the largest long-term growth since 2003. The industry has successfully managed to outpace inflation by almost 2% since this time. This year brought a lot of growth to the commercial market, increasing volume by 4% compared to last year. Among the different construction types, construction among Apartments (Class A/B/C), Hotel/Hospitality (Class C), and Industrial Spaces (Warehouse Class A, Flex Class A) were among the largest increases in volume during the year.
In our market, you can see much of this development across the local interstates. Traveling along the I-4 corridor, you will see many large projects recently completed or under construction. 2019 was an exciting year for construction as we saw the completion of many special projects that RAMCON got the opportunity to take part in. Throughout the year, our staff at all levels provided the best customer service possible and achieved the highest safety and customer satisfaction levels to date.
2019 was another year of successful and steady work for RAMCON. This year has allowed RAMCON to partner with several great General Contractors to complete projects we’re all proud of. Some of these projects include:
Foresight is 2020
Prospects for 2020 look positive as we near the start of the year. Most economists believe the US will avoid a recession, meanwhile many individuals and businesses gear up for the possibility of such an event.
For the commercial real estate market, 2020 looks to be an exceptionally great year for buildings geared for e-commerce growth. CBRE expects that rent will increase at 5% for industrial spaces, with the largest growth areas occurring in Cold Storage, Flex Office Spaces, Last-Mile Delivery Centers, and Data Storage Centers. With e-commerce still gobbling up the commercial real estate market, buildings focusing on logistical issues (specifically last-mile delivery) and physical storage (for both products and data) will see continued success throughout 2020. CBRE has identified several commercial real estate markets that are poised for positive growth this year:
- Cincinnati
- Charlotte
- Denver
- Louisville
- Orlando
- Portland
- St. Louis
- Tampa
The construction industry is also preparing for another successful year as we race into 2020. While soaring to new levels, the construction industry has risen from total spending in 2003 at $218 billion to 2019 total spending of $463.4 billion, the commercial construction industry is looking to outpace residential construction in the coming years. While many have fears of trade wars or the 2020 presidential election, the next year in construction is looking to be one of positive performance and growth.
RAMCON is also looking forward to another rewarding year with our customers and business partners for both our contracting and RMD departments. With a full backlog of exciting projects we’re taking part in, hundreds of well-trained employees, and a customer service staff ready to help any of our customers’ needs; we’re excited for what this year brings.
Understanding our customer’s needs remained a top priority at RAMCON through 2020. This is why we urge our customers to budget in the long term for your building investment. Using one of our proactive maintenance programs early in the roof’s life cycle is the best chance to protect the roof system and drastically reduces the lifetime maintenance cost of a roof. We have several levels of maintenance programs for our customers to choose, explore the options below or speak to one of our Customer Service Representatives today at 1-877-RAMCON-1 (1-877-726-261) to discuss the best options for your building:
Click the shields above to view the programs
If you’re excited about what the new year will bring you, so are we! RAMCON is looking for more people to join our team and get started in a career of roofing. Skilled roofers and sheet metal workers should join our team and complete some of the largest projects in the area. Those who are not experienced are still encouraged to apply and RAMCON will train all employees in safety, installation techniques, and other ways that will help you become successful on a crew. Check out some of our open opportunities now:
- Commercial Roof Installer
- Commercial Sheet Metal Installer
- Commercial Service Technician
- Roofing Service Helper
- Crane Driver / Operator
In addition to our field operations, RAMCON’s office operations are also getting bigger. We’re looking for several experienced professionals to fill key roles within our management and sales operations. Check out some of the opportunities here:
To view all of the opportunities available at RAMCON, visit our careers website at www.ramconcareers.com
As a wrap up to 2019, we want to thank everyone who has contributed to the success of this year. To our customers, employees, subcontractors, vendors, GCs, and everyone else who has worked with RAMCON Roofing this year – Thank you. We strive to provide the highest quality service in our industry and look forward to earning your business and continuing to be the Most Trusted Name in Roofing through 2020 and beyond.
Happy New Year to All!
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