The commercial flooring contractor participates in a vibrant construction industry full of innovation, amazing contributions to the quality of life in our communities, and individual fulfillment. According to a focused study by the World Economic Forum and the Boston Consulting Group, the construction industry accounts for more than 6% of the global gross domestic production (GDP) in addition to enabling commerce and productivity in all its forms. The U.S. construction industry has enjoyed a solid 10-year economic expansion. In addition, the industry is benefitting from a healthy segment rotation which allows firms to redeploy resources to serving educational and institutional markets as multi-family and retail segments begin to slow.
According to Dodge Data & Analytics, total construction starts are expected to reach $776 billion in value for 2020. This is a massive amount reflecting the value of the entire industry across all segments. Despite our combined marketing efforts, it is unlikely we will be able to convince society that flooring materials should be widely utilized in parking decks, dams, and water treatment facilities. It is helpful for the flooring industry to focus on the end use segments of commercial and institutional buildings where flooring accounts for a large percentage of the total project value. That value is predicted to be greater than $260 billion in 2020. What a great opportunity!