Since 1981, Coburn-Myers has been providing specialty fasteners in virtually any shape, size and material to a wide variety of industries, including construction companies that specialize in building industrial and commercial facilities.
Because our mutual success is intrinsically linked to that of the construction industry, we were particularly interested in McGraw Hill Construction’s 2014 Dodge Construction Outlook report, which provides the forecasting which the construction industry uses to help guide its business planning.
Overall, the report expects total U.S. construction starts to rise 9% to $555.3 billion in 2014, up from the previous year’s 5% increase to $508 billion. McGraw Hill Construction’s vice president of Economic Affairs, Robert Murray, sees 2014 as a year of “measured expansion for the construction industry” based on job growth and interest rates that have remained and are likely to stay historically low. In addition, states and localities are in a better financial position.
More specifically, commercial construction is expected to increase 17% in 2014 – a noticeable uptick from the 15% gain experienced in 2013. Warehouses and hotels will continue to dominate with retail stores and office buildings also showing increases. Institutional building will edge up 2%, which is a marked turnaround after five years of decreases. Educational building commitments will rise with both colleges and K-12 expanding and upgrading.
McGraw Hill’s 32-page report looks at the U.S. construction industry’s major sectors and also provides an outlook for the broad types of construction within each of the five major regions of the country.
As we look ahead to 2014, we’re ready to provide the expertise, experience and fasteners our customers require as they plan and execute on their construction project plans.
Infrastructure investments in emerging nations could top $43 trillion over the next 15 years according to the world’s second-biggest reinsurer, Swiss Re Ltd. One may not automatically associate an industrial fastener supplier with the growth of emerging nations, but the two are actually very connected. Urbanization in emerging markets is expected to be a major driver in global construction growth through 2025. Many undeveloped nations lack infrastructure such as bridges, roads, power plants, and industrial centers. This is where construction and concrete companies come in to build up these emerging economic markets with the help of investors. And this is also where large scale industrial fasteners come into play.
In America, there are certainly big projects like bridges, tunnels, and power plants. However, the rate at which they are being built is nowhere near as fast and large as in an emerging nation because in America we already have established infrastructure. Across the globe, new nations are expanding economically, driving the demand for housing and urban development. Jeremy Leonard of Global Construction Perspectives & Oxford Economics noted that “Emerging markets will continue to grow significantly more rapidly than the developed world,” which will attract many major construction companies and their need for industrial fasteners for these large-scale projects. For example, according to the Global Construction 2025 report, Qatar is expected to see an average annual construction market growth rate of +10%, which is the fastest out of the 46 key countries surveyed. Coburn-Myers is proud to be a part of infrastructure construction in emerging nations as the global economy continues to grow.