Since the height of the recession in 2008, the residential construction industry has continued to grow as the number of building permits increases. Trends in construction also tend to change in tandem with demand. As Millennials reach 30, it is expected that urban rentals will shift towards home ownership. However, many Millennials cannot afford to buy residential property in urban areas and thus, first-time homebuyers will move toward the suburbs. A focus on resiliency in new construction has become a more important due to recent natural disasters. Productivity has been threatened by labor shortages as the workforce ages without replacement, while automation and modernization of the industry have altered operations and increased safety through the use of technology like building information modeling. Artificial intelligence and data will also become more persistent in altering housing industry.
Since the height of the recession in 2008, the residential construction industry has continued to grow as the number of building permits increases. Trends in construction also tend to change in tandem with demand. As Millennials reach 30, it is expected that urban rentals will shift towards home ownership. However, many Millennials cannot afford to buy residential property in urban areas and thus, first-time homebuyers will move toward the suburbs. A focus on resiliency in new construction has become a more important due to recent natural disasters. Productivity has been threatened by labor shortages as the workforce ages without replacement, while automation and modernization of the industry have altered operations and increased safety through the use of technology like building information modeling. Artificial intelligence and data will also become more persistent in altering housing industry.
