Commercial developers have been very busy this year with the demand for private non-residential construction increasing by 7 over percent annually. The need for multi-family and office and lodging buildings has fueled the thriving commercial construction industry over the last few years. To fulfill the growing necessity for commercial construction companies, Colorado Springs, iiCON Construction Group, helps to fill the demand.
Construction Companies: Colorado Springs Construction on the Rise
Driving the supply growth for commercial construction is based on the low interest rates and softened economic conditions, which has led foreign investors to look for investments in the United States. Across the nation, commercial construction is expected to continue to rise until 2020, with Colorado Springs one of the many locations to benefit from new project development.
In addition to the supply and demand progression of commercial buildings, budgets have also increased. In fact, office construction spending alone has increased by over 16 percent annually. This has helped to fuel employment rates through high-end office construction.
There is a direct correlation between the perfect economic conditions and the demand for industrial properties. This has allowed the commercial construction industry to not only stabilize, but reach new peaks. Across the board, Colorado Springs has experienced a higher than average stimulation for commercial construction– from the healthcare industry to industrial construction.
With a 5 percent supply growth expected across all private non-residential properties well into the first two quarters of 2017, it is posed to be a transitional year for commercial construction companies. Colorado Springs iiCON Construction Group is in place to help meet the demand for new commercial construction.
