There are grey areas in construction services. The United States Census Bureau says the construction industry (for purposes of definition) does not include:
- Gas/oil drilling, including the construction of offshore drilling platforms, digging/mine shoring of mines
- Land acquisition
- Maintenance/repairs to existing structures or service facilities
- Offsite fabrication
- Production/machinery cost
- Special-purpose equipment costs (e.g., pews in churches, lockers in gyms, medical equipment, display cases/shelving in stores)
That’s where we disagree – to a degree. Our construction services client-companies using Construction Monitor building permit datasorts often provide these services.
If you bid on a hospital construction project, the price of X-ray machines won’t be included. But if you quote on a church project, chances are you may be including pew and altar-price options based on design.
There are no grey areas when it comes to quality and profit. No company compromises safety for greater profit. Choices like that can come back to bite you big-time.
New homes and renovations companies avoid grey areas by specifying and pricing bids as tightly as possible.
Confidence Returning to Home Renovation Market
Remodeling and design construction services are optimistic. Third-quarter 2020 is looking better than 1Q/2Q. Following the 2Q 2020 drop, business indicators are returning to – almost – pre-pandemic levels. We can pat ourselves on the back because we managed this by:
- Applying remote collaboration tools
- Dealing with supply-shortages
- Implementing safety guidelines
- Increased use of video consultations
- Using more online product sourcing
New Home Construction Services
Single-family and multifamily housing starts rose 17+% in June 2020. This is a good indicator we’re trying to make up for double-digit declines. The bad news? Lumber costs are also increasing.
Our real estate friends say existing home sales rose 20.7% in June 2020; down from last year. Mortgage applications are rising, too.
Data Analytics for Construction Services Profit
At Construction Monitor, we believe numbers don’t lie. New single-family homes and renovation construction services are playing catch-up; the opportunities are there for you. Join our family of construction industry companies using big data analytics to grow and prosper in unusual times.