What is it about Boston that makes it such a construction-friendly town? Well, in the first place, the construction market in Boston has developed a new norm. This new normal is especially important when measuring the city's growth and opportunity. Some of the brighter spots for construction, with some of the biggest growth opportunities exist in downtown Boston and Cambridge. However, the further you get from downtown Boston, the less new construction exists.
Private Sectors Pushing Construction
Construction growth opportunities basically stem from projects in the private sectors of Boston. Some of these private sector jobs in construction include healthcare sector, industries in life science, private user developers and residential and school projects that are high density. Comparative to what was seen with the construction boom in the pre-recession days, there has still been steady growth from 2009-2011, with investments continuing in both the education and healthcare sectors.
General Contractors Also Coming Back
Construction and general contract work have made comebacks. That is because many have made it through the hard economic times and are in better shape than they have ever been before. The contractors that fell by the wayside before have essentially helped create a healthy market for those construction survivors.
Yes, it's true. After that hard year of 2008 and the financial struggles of many general contractors. Many Bostonians are surprised at the roaring comeback for residential construction. Boston is incredibly hot for construction, with a rebound that has can best be called a mixed bag.
Not Such A Surprise for Some
For Boston, what it really depends on is the type of construction that is going on. Even though there seems to be an increased payroll for construction workers as well as sales, some have deemed the construction rebound as modest at best. For example, the apartment sector has been doing very well for the last couple of years and continues to operate strong.
Another hot area for construction in Boston is colleges and universities. Expecting to see growth in such areas as biotech, hospitals or pharmaceuticals, the construction business is consistently strengthening. The construction insurance market continues to remain stable.
For Boston's property side, there could be a lot of potential but it also depends on the risk. It boils down to those construction companies that have stayed well managed and good safety policies and loss history still have the range of options when it comes to the insurance. Those general contractors that did survive the recession are much wiser today than they were five years ago.
In Closing
So if you are a contractor in the Boston area you should have already seen an increase in business, if you plan on moving your business or looking for business in the Boston area, check it out, you might like what you see.
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Photo credit: danxoneil / Foter / Creative Commons Attribution 2.0 Generic (CC BY 2.0)