General contractors are an incredibly important part of the construction industry. As a result, you probably want to be up to date with all of the important general contracting statistics; after all, this sector is definitely big enough for that to be considered general knowledge. Considering this, we will provide you with some of the most interesting facts about general contracting Los Angeles niche!
A bright future ahead
One thing is certain when it comes to general contracting statistics – at the end of the day, people are most interested in a single thing – the bottom line. In other words – just how well is the industry actually doing? Don’t worry, we won’t force you to go through the entire article just to find out about that. Instead, we’ll give you the gist of it right away!
The good news is – according to Statista, there isn’t much to be worried about when it comes to the state of the world of construction in general. Sure, there was definitely a market downturn during the height of the coronavirus pandemic; after all, general contracting and construction usually involves teams working in close quarters for long periods of time. Obviously, that was in conflict with a majority of health restrictions worldwide.
But, it’s important to note that this is a temporary state of affairs. In 2019, more than ten trillion dollars were spent on all kinds of construction worldwide. Also, the worth of the construction industry in the United States was a little over a trillion dollars; definitely a sign of rude health. And as things start getting back to normal, stuff like new home construction Los Angeles is set to be back on track in no time at all!
People are building bigger homes
Knowing the most important general contracting statistics is important for a number of reasons. Sure, on one hand, if you’re a stakeholder in the industry; being up to date with the latest developments has obvious importance. However, there is certain information that’s crucial to the general public as well. For example – if you want to do a remodel of your home, it’s not really enough to just know what your neighbors are doing with their houses. In reality, you need the overall trends; you want to be aware of what the best interior design firms Los Angeles has are doing.
With that in mind, we’ll give you one of the pieces of information that people rarely talk about. And yet, it’s incredibly crucial, especially for new homeowners. To be more precise – just how big of a house do you really need? Well, if you take a look at the average square footage of a single-family household in the United States; you will find that there is no constant answer to this question. Over the previous four decades, people have been looking for bigger and bigger family homes. In fact, the single-family square footage has almost doubled since nineteen seventy-five!
Most of the construction is private
Naturally, with all of the general contracting and construction spending; it’s also important to know what these funds are actually spent on. And the more stat-savvy among you may think that the huge public construction works may have tilted the scales; after all, constructing a huge stadium or a concert hall is far more expensive than an apartment building; let alone a single-family house.
But, interestingly enough – most of the construction is still private, and not public works. General contractors who work for private clients make up more than 75% of the overall market spending on construction! And sure, plenty of these private projects are still commercial, and not residential construction; but it’s something to keep in mind all the same!
Home improvement statistics
As you might imagine; not all general contracting statistics pertain to the construction of new homes. In reality, plenty of people are satisfied with where they’re living; while also knowing that there’s some room for improvement (all pun intended). As a result, a lot of folks opt for home renovation and improvement instead of outright buying or building a brand new home. And it hasn’t always been like this, mind you; home renovation has become a more stable industry in the past two decades.
In 2019, the value of the home renovation market rose by 5% – indicating that more and more people are willing to invest money into fixing up their current homes than before. Of course, we should note that while “renovation” might make you think of interior design, that’s actually not the case – at least not exclusively. In reality, the renovation also includes landscaping projects on residential lots; such as creating better lawns and gardens or even fixing up your garage.
Also, this doesn’t just mean working on aesthetic changes to your household. Instead, home improvement projects include upgrades to your heating and cooling systems for better insulation; or waterproofing of certain critical areas, like basements and roofs. Of course, this may also include soundproofing or other more specific projects – but those aren’t everyday occurrences.
The finishing touches on our construct here
As you can see, general contracting statistics show that the state of the market is absolutely better than ever before. And while there are many different factors that go into making such an assessment; it definitely seems like the home improvement and contracting markets have absolutely nothing to worry about in the mid and long terms. Indeed, general contracting companies that provide high-quality services to their customers are sure to have a steady surplus in the coming years.