A recent article in Construction Dive states that being in the contracting industry is pretty recession-proof. However, a recent report states that preparing for tough times when the economy is good is one of the best things you can do. It’s smart to prepare for a wide variety of economic conditions, and that’s one of the messages in management consulting company FMI Corp.’s 2019 forecast for the engineering and construction sectors.
Management consulting and investment banking firm FMI predicts that engineering and construction industry growth across all types of projects — both residential and nonresidential — should continue for the next 18 to 24 months, albeit at a slightly slower pace than in previous years, at 3% vs. 5% recorded in both 2017 and 2018.
Many contractors who took it on the chin during the Great Recession are in the enviable position of being able to pick and choose among eager clients, even if they are dealing with rising costs and struggling to find and retain qualified workers in nearly every area of their businesses. However, the contractors who have been around for a while will be the first to agree with FMI — the time to start planning for bad times is when times are still good.
DRYCO is a company that works hard to provide the best craftsmanship, value, and stress-free experience to all of our customers regardless of the economy. We are in for the long haul for our customers, regardless of economic trends.