Construction Today - January 2017 - 35
IN THIS SECTION
HBD Construction prides
itself on building relationships with others.
government support for small businesses as their top concern for the
next 12 months, up significantly versus 2 percent the previous year.
Financial issues top list of concerns for 2017: Not getting paid by
clients (18 percent) and passing on cost increases to customers (18
percent) topped the list of concerns for the coming year. Small business owners in construction also remain concerned about attracting
new customers, holding steady this year at 17 percent, compared to
15 percent in 2015.
Swinerton Builders and Jacobsen
Construction Joint Venture -
The Beverly Center
Crossland Construction -
A Gathering Place For Tulsa
Tishman, an AECOM Company -
MGM Springfield Parking Garage
MC Construction Management
Mortenson Construction -
QTS Data Center
Reeves Young -
Atlanta Braves Stadium
Shell McElroy Construction Co.
Reasons to be Excited
On the flip side, businesses are growing with an expanding customer base: Most respondents saw their businesses grow over the last
year, with 62 percent reporting increases in revenue and 64 percent
reporting an increase in profits. Additionally, 73 percent increased their
customer base over the past 12 months and 64 percent saw their order
Quality of life is improving: Fewer small business owners in the
construction industry worked more than 60 hours a week, down to 11
percent from 15 percent when last reported. Most worked between 40
to 59 hours a week, with more than half of those managing between
40 to 49 hours. While still high, only 11 percent of construction
industry business owners reported taking no vacation days this year,
compared to nearly a quarter of respondents (23 percent) previously.
In it for the long haul: Small business owners in the construction
industry are in it for the long haul and envision a future for their
company beyond their tenure, with 70 percent planning to be in
business for the next five years. Of those owners planning to exit
their companies in the next five years, only 28 percent plan to shutter
their business following their retirement, down significantly from
57 percent the prior year. Thirty-two percent
plan to transfer ownership to their children
or other family members.
Although there are still some areas of concern, these trends and recent performance
point to a positive outlook for 2017. With
more certainty as a nation and a continually
improving economy, small business owners
in the construction industry have plenty of
reasons to be cautiously hopeful as they ring
in the new year.
Lou Casale is head of communications at specialist insurer Hiscox USA. As a
marketing and communications expert, he has created transformative programs
for Fortune 500 corporations, startups and C-level executives. He is a recognized
thought leader across all facets of communications, from reputation management
and media relations to digital and social media. For more information, visit www.
JANUARY 2017 CONSTRUCTION-TODAY.COM