Preparing your business for the future is a lot easier when you have some idea of what to expect. Data on what’s happening in today’s construction market helps you develop the foresight you need to take advantage of emerging opportunities while steering clear of potential threats.
Shifting Demand in Project Types
Changes in the types of projects in demand in your area are some of the clearest trends that emerge from construction market data. Reviewing building permit data over time makes it easy to see what customers in your target market might be planning for the year ahead. For example, you might notice home additions are trending while remodeling jobs are in decline. If your company offers mortgages and financing, you might decide to rework your marketing or offer new loan packages to target homeowners who are planning additions.
More detailed data on these projects could reveal a trend in home additions, maybe master bedrooms are on the upswing. If you sell fireplaces and stoves, marketing that highlights the benefits of a bedroom fireplace could help you attract customers who are getting in on the new bedroom trend.
Changing Methods and Materials
With the constant advance of construction technology, demonstrating competence with the latest construction methods and materials is an effective way to differentiate yourself from the competition. If data shows more and more top companies near you are moving toward modular construction, that’s a trend you could cash in on as a general contractor or roofing contractor. To set yourself apart, you might offer customization options your competitors don’t.
No matter what your specialty, trends in building methods can give you valuable insight into your market’s interests and values. Increased interest in modular construction suggests your would-be customers prioritize speed, cost-effectiveness, and flexibility over traditional appearance. As a floor coverings supplier, you could use that knowledge to focus more on materials that are low cost and quick to install.
For in-depth construction market data that will help you spot profitable trends, contact Construction Monitor.