The construction industry took a hard hit during the 2008 recession, but as the economy rebounds, more and more businesses are launching and growing. Earlier this year IBISWorld put out a market research report that suggests the commercial building industry is on a steady rise, reflected by strong demand from key downstream markets. The increase in construction correlates with a positive five-year outlook on corporate profit.
The economic growth means new light commercial construction starts are popping up all over of the country. But because of the economic rebound, the construction industry is also seeing a labor shortage due to the high demand. For those skilled workers, this is a positive. According to the Wall Street Journal, weekly earnings in the construction sector were up 3.3% this summer, versus the national average of 2.2%.
As a result, many contractors and builders are faced with a challenge: How do you keep up with the growing demand for new project starts with a limited (and higher paid) workforce? Fortunately, engineered wood can be a useful resource when building light commercial buildings for businesses like fast-food restaurants, banks, churches, dentist offices, etc. Many LP products can help combat the pain points of a labor shortage due to the high demand the building industry faces while the economy is on an upswing.
For example, LP SmartSide siding is significantly lighter than fiber cement, making it easier for a single person to carry a piece. LP SmartSide can easily and quickly be installed as attractive and durable exterior cladding, which can translate to less overall labor and a better chance at hitting project timelines and budgets.
Big builder market share has doubled in the last 25 years and now represents about 50 percent of housing starts nationwide – and even 75 percent in some major metro areas. These mega-builders have huge budgets for both land development and marketing. It’s increasingly difficult for small and medium-sized builders to compete, but LP is committed to helping them prosper.Continue Reading
GoBankRates.com estimates that the average tax refund this year will total about $3,000. In a survey conducted by that organization, 10 percent of respondents said they plan to splurge on a vacation or luxury item when the refund arrives. But 9 percent plan to use that money for a “major purchase.”
To better serve its customers in areas of order accuracy and delivery predictability, LP has set some of the industry’s most aspirational supply chain goals. Senior leaders meet regularly with experts at Gartner, arguably the nation’s best consulting firm in the realm of supply chain optimization. The aim is to apply best practices in procurement, logistics and working capital across more than $1 billion of addressable spend.
Move aside, Old Man Winter—it’s officially springtime. Could your home’s exterior use some sprucing up before you’re officially ready to soak up the sun? This spring cleaning season, make sure you’re showing some TLC to both the interior and exterior of your home.