Developers slammed the brakes on many construction projects in the Northeast during the Great Recession. Now that more funding is available, jobs are getting the green light again, creating a wealth of opportunities for electrical contracting firms.
According to a 1st Quarter 2015 Forecast by FMI Corp., the construction put-in-place figures for all market sectors — residential, nonresidential, and nonbuilding — continue to rise across the Northeast after slipping between 2009 and 2011 (to see PDF of Table click here).
“Office, commercial, and lodging are impressive most everywhere I look,” says Brian Strawberry, research consultant for FMI Corp. and the author of the regional forecasts. “Within these private markets, the Northeast, along with the rest of the country, is responding very well to current economic conditions.”
While the Northeast may be experiencing slight gains, Strawberry says the slow population growth in this region could affect the level of future construction activity (see Population Trends in Northeast). One hot spot, however, is New York City, which has a significant amount of construction underway, according to Strawberry.
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