Over the past year, we’ve seen some fluctuation in the Houston construction market. While things may have seemed a little slow in the past, that trend is changing for the better.
We’re seeing more development and recovery from past obstacles as the construction industry in general trends upwards. Qualified talent is in high demand as more and more projects are underway.
To navigate this market adjustment, construction professionals need to understand it first.
The Cause of an Initial Slowdown
While any market regularly fluctuates, it rarely does so without reason. In this case, the decline of the oil and gas industry had a negative impact on Houston construction.
Not only did this industry’s challenges lead to fewer construction projects, but it also increased the prices of raw materials used in construction. While oil and gas related projects slowed, construction professionals also had to accommodate for increasing prices of these materials, which are often used on all types of builds.
On these remaining projects, management either had to adjust budgets or find alternative sources of fuel. Either way, this took a little time to normalize.
Not Quite Dire
Even though this initial slowdown presented its challenges, it is important to note that this was a slowdown by only Texan standards. While the market seemed to slow in relation to the normal rate of construction in Houston, it was still performing above average for the country.
Even when this market is a little slower than what Texas may be used to, it still performs well. Now, as it begins to adjust and normalize again, it is excelling.
Back on Top
The construction industry is experiencing a boom all over the United States, and Texas is no exception. This means that while Houston construction recovers from its slowdown, it is boosted even more by this nationwide upswing.
We’re seeing a lot of development in the area as the market is finding alternatives to oil and gas. The renewable energy industry is on the rise, which is also adding to the positive change in the construction market. This is, however, only one factor in these rising tides.
As the market continues to improve, there is an increasing need for qualified talent. While our industry is experiencing a boom, it is also dealing with a talent shortage. Michael Page can help your firm to navigate this.
If you’d like to speak more about industry trends, or if you’d like valuable assistance with your talent search, please reach out to the expert consultants at Michael Page today.