A casual observer might think the U.S. construction market during a global pandemic would be in a state of disrepair. This is far from the case. The past 18 months have certainly presented challenges — from COVID-19 restrictions to mass housing uncertainty — and it hasn’t been smooth sailing. But when assessing the emerging opportunities and risks arising from the transformation in consumer demand, it’s clear the construction market is not stagnating but is as strong as ever.
There was already a housing shortage prior to the pandemic, but what has evolved are the needs of the consumer. The pre-COVID workforce saw just 17% of the U.S. population working from home. Today it is 44%. This trend does not appear to be temporary, with many companies and their employees embracing this cultural shift, enjoying the benefits of a hybrid work-life balance. As such, no longer tethered to the confines of commuter areas, the millions sent to work from home are now considering their options. For many, this means leaving the big city.