By Glenna Hobbs
Florida is considered one of the best states for the construction industry. From increased commercial structures to renovating Florida’s roadways, construction workers and businesses have plenty of opportunities to thrive. Despite the high cost of materials over the past few years, construction companies are seeing high demand and profits. Certain construction opportunities and practices are more prevalent in this boom than others. Familiarizing yourself with these trends can help you gain an advantage in Florida’s construction landscape.
Real estate investment
Property investors are growing in popularity everywhere, but Florida’s real estate investors are particularly prevalent due to tourism and scenic coastal communities. Investors buy a property specifically to profit from it, usually through rental income or house flipping. Investors either build new homes or renovate old homes for rental income, creating a high demand for construction and renovation crews. Taking on investors as clients can generate a lot of revenue for you or your construction business.
Office construction
In South Florida alone, commercial real estate, such as office construction, increased by at least 30% in 2023. Commercial and office buildings are only growing more popular in the Sunshine State, and construction companies are seeing a lot of revenue generated from office construction alone.
Retail and hotel
One of Florida’s main economic staples is tourism. Florida has many attractions, including Disney World, Universal Studios, Busch Gardens, The Kennedy Space Center, world-famous beaches, and more. Surrounding these attractions are massive quantities of retail and hotel construction, which shows no sign of stopping. Construction companies are lining their pockets with the tourism industry alone in Florida.
Transit and roads
Florida’s governor and the Department of Transportation are continuously reworking Florida’s massive roadways, highways, and transit systems. Government construction contracts like these are stable and lucrative sources of income for construction companies. Some road renovations span years or even decades, providing a solid business plan for construction companies for years to come.
Eco-friendly construction
Another popular trend in Florida’s construction industry is the implementation of eco-friendly materials, practices, building designs, and structures. Many construction companies can tap into the popularity of this trend by utilizing eco-friendly materials and advertising less wasteful construction practices. Material recycling and water recycling are great ways to construct buildings sustainably. Many construction companies are rethinking how they use materials and build homes with eco-consciousness in mind. You’re more likely to get hired with eco-friendly construction practices by governments, younger homebuyers, and eco-conscious clients.
Technology
More Floridians are interested in hiring construction companies that utilize technology efficiently. Construction aids like drones, augmented reality, 3D rendering, and building information modeling are all key examples of proficient technology use in the construction industry. The prevalence of technology in Florida’s construction processes is changing the industry as we know it, and construction companies can see more success and cost-effective measures by adapting to these changes.
Modular floorplans and buildings
Florida is well-known for its harsh, humid, and scorching climate. Hurricanes, mudslides, and heavy thunderstorms are common here. Most construction crews are aware that Florida’s natural climate can make the construction process challenging. Modular buildings are attempting to improve these conditions. In Florida, offsite building construction is popular outside manufactured or mobile homes. Modular buildings are constructed primarily offsite and then completed and attached to a foundation on the property. They differ from mobile or manufactured homes as they still adhere to all local building laws; they are entirely safe and structurally sound without cutting corners. Completing most construction offsite allows construction workers to build better structures in climate-controlled environments without waiting for the weather to clear up.
Material Costs
A negative trend in Florida’s construction climate is high construction material costs. Over the past few years, the cost of materials, such as timber, has risen steadily and shows no sign of lowering. High material costs can be inconvenient for construction crews trying to make a living while offering cost-effective solutions for their clients. However, high demand can help make up for the costs.
Starting a successful construction business
A successful construction business in Florida will take advantage of trends in the industry to rise to success. You’ll want a solid marketing plan, and hiring marketing experts can help you. Establishing an online presence is another great way to market a construction company. To bid on contracts and ensure safe and legal operation, you want to ensure your business has the proper licensing. In Florida, construction licenses are required for commercial operation, and renewal must occur every two years. You and any relevant employees or partners must be licensed with biannual renewals. Obtaining a license requires requires passing a business and finance exam, as well as a state exam, so studying and Florida contractor license preparation courses are a wise choice.
Conclusion
The Sunshine State is the perfect place to start a construction business. Tourism, commercial real estate, and property investment are popular here, creating a high demand for construction crews. Eco-friendly and tech-savvy construction companies are growing more popular due to trend preferences in Florida clients. Construction companies are revamping the building process by switching to climate-controlled sites using modular or offsite construction. Before starting your construction business, you want to make sure budgets are sound, licenses are secured, and marketing plans are high quality.
