Just like in real estate, location is vital to the success of any construction project. Before breaking ground on a new project, you first need to understand the markets. Throughout the United States, certain cities offer higher growth potential in investments and employment. Here are the top booming cities for construction right now.
New York City, New York
Unsurprisingly, New York is leading the way in construction this year. With a projected spending amount of $45 billion in development for this year alone, the Big Apple promises to continue offering opportunities for everyone in the construction industry. It doesn’t hurt that there are plenty of new jobs, especially in places like Brooklyn, where the average wage tops $67,000.
As the number one in construction employment, Reno has put itself on the map as an attractive destination for construction workers and entrepreneurs alike. A booming population has created a massive demand for housing, which means this market won’t be slowing down anytime soon.
San Jose, California
As the heart of Silicon Valley, San Jose hosts a lot of conferences for startups and other businesses on the rise. Its low unemployment rate and residential high rises mean that a developer can create tons of jobs with only one project.
Over $5 billion in construction is planned over the next few years in Detroit. Permits are on the rise, which means more developers want to get in on the action. Once known for crime and poverty, the city is being revitalized and developed to attract new businesses. The city has a brighter future with more jobs and prosperity than ever before.
In 2017, the amount of vacant office space in Austin hit a record low. Add to that the fact that the city has two “downtowns” with projects booming, and young office workers flocking to the city every year, and you get a recipe for construction paradise.
The construction market is continually changing year to year. However, this year quite a few new cities have made the list of the best markets. While New York is no surprise, keep an eye out for the other developing markets as they become significant destinations for anyone in the construction world.