The construction industry is defying odds and growing with a flare. Even though the pre-recession growth levels are not yet witnessed but it is growing much better than some of the other sectors. The reasons for these are plenty. The growing consumer sentiment, as well as the increased government spending, are just 2 such reasons. Construction industry comprises of a wide variety of projects. We would today share with you some of the types of construction projects which are propelling the growth of the industry.
Residential construction projects are bread and butter of most of the construction companies. Since the consumer sentiment is improving, the demand for houses is also improving. There are many reputed companies in this segment like Tom Sawyer construction. The types of projects in this segment include:
- Single Unit homes
Most of the construction work in this segment is done by the construction companies themselves but it is not uncommon for them to hire a subcontractor for specialized work. The residential projects are also governed by strict rules and regulations from the local authorities. Irrespective of that, owing to the ballooning demand for residential projects, the competition in this segment is immense.
- Building projects:
This segment might not be as large as the residential one but it is definitely picking up. This segment refers to adding area or structure to the current property. This segment involves projects like:
- Adding a room
- Utility installation
Even though the ticket size of these projects is on the smaller side but the sheer numbers make up for the low ticket size.
- Commercial projects:
Commercial projects are often initiated by Institutions as well as big corporate companies. These involve large ticket size projects. These may involve the construction of:
- Shopping Centers
- Retail Stores
In such large-scale projects, often specialists are hired for each and every task like the design of the building, the blueprint of utilities etc. This segment is slowly picking up the growth. The large-scale investment needed in this sector has kept a large number of companies away from the sector.
Industrial projects are often huge infrastructure projects which are undertaken by the private projects after winning the tenders or contracts for the same. These include construction of:
- Power plants
- Petroleum Refineries
- Manufacturing Plants
- Transportation projects:
This segment of the construction industry refers to the projects which are initiated to enable any form of transportation. Also, this segment constitutes the projects which involve repair and maintenance of such projects as well. Some of the projects in this segment include the construction of:
- City Roads
- Repair of Roads
These are just the most popular segments of the construction industry. These segments are also currently the fastest growing ones. As the business activity picks up in the coming years, there would also be a high demand for specialized construction companies to execute more complex projects. The construction sector is currently generating huge employment by undertaking projects in these segments. This would further increase as the number of projects in the sector increases.
In most of the cases, consumers just come across residential construction companies like Tom Sawyer Construction, but the list of projects in the construction sector is quite long.
So, the next time around you are speaking about the construction sector just keep in mind that it is much more than just construction of residences and shopping malls.