Learn to spot construction trends before your competition and you’ll gain access to pools of potential clients eager to get in on the next big trend. Construction data makes it easy to identify emerging trends by showing you exactly how your target market’s demands change over time.
Track Building Permit Data
An increase in building permits issued for a certain type of project is a clear sign demand for this project is trending upward. If you see bathroom remodels are starting to overtake kitchen remodels, that tells you not only what skills your would-be customers might be looking for in a general contractor, but also what kind of cabinets, countertops, and floor coverings will interest them. As a roofing contractor, you might notice the demand for roof replacements is down, but more homeowners are building additions, so you can adjust the focus of your marketing accordingly.
With access to in-depth building permit data, you’ll see not only what types of projects are gaining popularity but also which aspects of those projects are changing. Even if the popularity of kitchen remodeling is holding steady, you might discover the average value of those projects is rising. That could mean homeowners will be increasingly interested in luxury products.
Examine Data on Leading Construction Firms
Paying attention to what the most successful construction companies in your area are doing can lead you toward profitable trends. Data on these companies can tell you what types of residential and commercial projects they’re focusing on, how much these projects are worth on average, and where the work is happening.
Looking over the data on the biggest local company might show you they’re shifting their efforts toward commercial office spaces. If all three of the local top companies are making that move, you’re probably onto a trend. As a building materials supplier, you can get in on the trend by preparing to stock more material suited to office construction and targeting your marketing towards the needs of commercial builders.
For more on using construction data to spot profitable trends, contact us at Construction Monitor.