The construction industry appears to be poised for more growth this year. It is expected that demand across most sectors will drive growth except for lodging, retail and private office projects. While growth is certainly welcome it does exacerbate issues such as poor worker training and the overall worker shortage. According to the 2024 Construction Hiring and Business Outlook Survey published by the American General Contractors of America, there are several areas driving workforce concerns. This includes the inability to fill open positions where it was found that 77% of respondents are having a hard time filling open positions. All of this against the backdrop of elevated interest rates, higher costs of financing, and other operational challenges. To help clients, prospects, and others, Wilson Lewis has provided a summary of the key details below.
Over 1,200 firms participated from 49 states and Washington DC. Responses were received from companies representing a broad cross section of the industry. This includes 58% reporting $50M in annual revenue, 35% reporting between $50.1M and $500M in annual revenue, and 7% with over $550M in annual revenue. In addition, most firms that participated have between 20 and 99 employees. This includes 39% with between 20 and 99 employees, 18% with less than 20 employees, 30% with between 100 and 499 employees and finally 12% with over 500 employees. It is important to note that firms or their employees were not compensated for participation.
Contact Us
The good news is that growth is expected to continue in 2024 but only in specific sectors. Unfortunately, high interest rates and financial costs are a persistent problem leading to project delays and in some cases cancelation. If you have questions about the information outlined above, or need assistance with a construction tax, accounting, or other issue, Wilson Lewis can help. For additional information call 770-476-1004 or click here to contact us. We look forward to speaking with you soon.
I want you to imagine hearing the three words, “You have cancer.” Sadly, this has…
Atlanta accounting and advisory firm Wilson Lewis was honored this month as one the top…
Pass-through entities (PTEs), including partnerships, S corporations, and certain LLCs, make up a large share…
Procurement fraud is one of the most reported economic crimes, yet many businesses don’t realize…
New tariffs are pushing up the cost of key materials used in construction and real…
The majority of businesses in the United States (about 95%) are structured as pass-through entities.…