Tag Archive for: economy

2020 roadmap for construction

The new year has begun and the construction industry has a lot in store. In addition to setting new goals, we can celebrate the accomplishments of the previous year. Looking into 2020, the construction industry roadmap involves growth in all areas. According to Construction Dive, the 2019 construction industry saw overall market growth regardless of the added pressure and labor shortages. With this in mind, U.S. Bridge looks forward to rebuilding the industry while providing quality and care throughout the process. Here’s a construction outlook of the last decade.

Construction Outlook: Projects on the Way

While there have been labor shortages, the demand for construction has been at an all-time high. Engineering and construction firms are expected to potentially benefit from several significant opportunities in the industry. For example, an upgrade in US transportation and infrastructure as well as the rise of smart city mega-projects. U.S. bridge makes transportation possible by connecting communities through quality bridges. So, the 2020 roadmap for construction will likely involve new bridges.

“As with all other trades, we are hopeful that construction will pick up in 2020,”

Damien T.K. Kim, Business Manager/Financial Secretary

Technology and Innovation

More than ever, technology is being utilized on a day to day basis. In fact, the use of machines has helped to boost innovation among businesses and industries. For this reason, it has also helped to enhance the construction industry. One of the main benefits of technology is its ability to replace manual labor and complete tasks efficiently. Technology strengthens collaboration among workers and makes data accessible to companies as a whole. For example, cloud technology in the construction industry has also become considerably beneficial. All this to say, technology will likely play a great role in the 2020 roadmap for construction.

Economic Forecast

In September 2019, America’s unemployment had reached its lowest observable rate since 1969. This leaves significant room for improvements in the coming years. However, the lack of inflation generated by the U.S. economy has shocked many. Explanations of this include a weakening global economy, the Amazon effect, and worker productivity growth.

Choose U.S. Bridge

At U.S. Bridge we are confident in meeting your needs and believe in bringing progress to the construction industry. Our bridge building process involves a precise process. We recognize and understand that your bridge is a major investment. So, we’re here to help you from the beginning of your project through the end. Get a quote today!

The Economic Benefits Of Bridge Building

Most of us don’t notice much about the bridges and roads that connect our cities and states. However, we would certainly notice if we woke up one day and they weren’t there. Bridges play a crucial role in various aspects of modern life, enabling us to get to work or school and contributing to the country’s economic development. This, of course, is something the American Society of Civil Engineers knows well. Every four years, this all-important group releases a bridge report card, assessing how these structures are holding up. Read on to learn more about bridge economic impact and what we can do to protect these structures moving forward.

Aiding in Infrastructure

Bridge economic impact starts with the way they support the transport of people and goods. Along with allowing companies to ship materials, bridges enable consumers to travel to shops and malls and visit new cities as tourists. When a bridge goes down, the surrounding area experiences a halt in economic activity, as people can no longer purchase goods and services with the same ease.

Supporting the Local Economy

Bridges also support the local economy, thanks to wages paid to construction workers and repair crews. Even the most well-designed bridges require regular cleaning and maintenance. Bridge workers then give this money back to the local community by paying taxes and purchasing local goods and services.

Connecting Communities

Bridge economic impact issues go beyond simple cash flow. Bridges connect people in different communities, allowing them to interact for work or play. This capacity is especially essential for areas where one town has an abundance of raw materials and another has a labor force in need of work. In this way, both people and communities can support one another.

What’s to Come for Our Nation’s Bridges

In assessing the country’s bridges, the American Society of Civil Engineers determined that the average bridge age is rising. As result, the United States will need to spend $120 billion or more to complete the necessary repairs and get all the bridges up to code. That’s where companies like U.S. Bridge can help.

Contact Us for a Consultation

As a leader in bridge design and manufacture, U.S. Bridge helps communities create safe, longer-lasting bridges. Plus, we build many of our bridges using prefabricated panels and assemble them in modules to expedite construction. For more about our services, call today or contact us online.

2018 Bridge Industry Economic Projections

Rumors have been circulating that the federal government is ready to pour a lot of funds into U.S. infrastructure. Beyond rumors, though, what is the real economic outlook for our industry? Below are some key Bridge Industry Economic Predictions and what we can expect throughout 2018.

Strong Overall Outlook

With a dropping unemployment rate and low inflation, the overall outlook for construction growth in 2018 is very positive.  General construction work is estimated to grow by five percent. More specifically, signs indicate that the Southern and Western United States will see the biggest impact on growth. While the cost of building materials is likely to rise by a little over two percent, overall industry growth is still expected.

Bridges and Roads

Bridge Industry Economic Projections estimate that bridges and roads will be the biggest growth segment in the nonbuilding sector. This is in part due to the government’s Infrastructure for Rebuilding America (INFRA) program. This program will fund up to 10 highway and bridge projects. However, it has not yet been voted on.

State by State

The overall growth of road and bridge construction may seem minimal when applied to the entire U.S. as a whole. However, some states will see more growth than others. According to the American Road and Transportation Builders Association (ARTBA), California, Florida, New York, Hawaii, Virginia, and Washington are poised to see the most local growth in the construction industry. Additionally, total spending on public bridge and tunnel construction is expected to top out around $31.3 billion, a slight increase over 2017.

Signs for a Strong Future

Most assume that the federal government will pass INFRA, adding funds to the construction industry in 2018 and early 2019. These projects would undoubtedly bring long-term growth for years to come. Further, with nine percent of the U.S.’s bridges and roads deemed structurally deficient and in need of repair, the need for bridge and roadway construction will likely continue for decades.

To find out more about Bridge Industry Economic Projections and what U.S. Bridge is doing to help, please contact us today. At U.S. Bridge, we have designed and manufactured bridges for over 80 years, providing the pathways that keep America moving.