At the end of 2014, as reflected in our Electronic Systems Outlook Winter 2014 report, we thought it was optimistic to expect 6% growth in total nonresidential construction for 2015. Although that forecast was adjusted each quarter throughout the year, it turns out that our early optimism for 2015 was not bullish enough.
As we release our Electronic Systems Outlook Winter 2015 report, we see that several construction sectors have strongly exceeded the expectations we had for the year. The most notable improvements in growth for 2015 were in lodging (up 23%), office construction (up 19%), amusement and recreation (up 16%), and manufacturing (up 25%).
Each of the market segments detailed in the Electronic Systems Outlook Winter 2015 report (corporate, education, government, healthcare, houses of worship, lodging, manufacturing, retail, and other buildings) features an outlook that shows growth potential and the evaluation of electronic systems for that market, as well as trends and drivers. The information is based upon actual data from Q1 through November 2015, and forecasted for the remainder of the year.
This data will be helpful in the very early stages of project planning and design; consider using the “percentage of total vertical market construction” averages as a starting point in discussions with clients, tracking how their local marketplace compares to national averages.
The data found here is also critical when budgeting for a project. You can use it to measure growth opportunities and monitor market-share potential. Averages can be used when working with clients to show comparable solutions that fit within the average dollars spent on systems in each vertical market.
Because the outlook indicates that construction is getting busier, this also means that recruiting and retention is a huge challenge, with direct impact on the wages and benefits integrators pay. These numbers are great to see for the economy, but we still have labor force needs to. NSCA’s efforts with ESPA and the new “Ignite” program, recently launched by the NSCA Education Foundation, are focused on improving the industry’s labor force.
Download the Electronic Systems Outlook Winter 2015 report now – free for Gold and Platinum NSCA members, and available for purchase at $199 for Bronze and Silver members.
We will also host a free one-hour webinar on Feb. 16, 2016, for integrators that want to learn more about the data and how it can be used within their organizations.