Is the construction industry headed for a slowdown?
Don't let wobbly markets and high interest rates throw a wrench in your cash flow! Here's a breakdown of what contractors and building material suppliers can expect for the rest of 2024, plus smart tips to ensure you get paid on time - no matter what the economy throws your way.
Buckle Up for a Bumpy Ride (But There's Still Gold!)
The news isn't all doom and gloom. Single-family home building is expected to stay steady, thanks to incentives that help offset high borrowing costs. That means plenty of opportunities to frame beautiful new homes!
However, multi-family construction might take a hit, continuing the slowdown from late 2023. Here's the good news: this creates a chance to stand out by providing exceptional service to single-family builders.
Manufacturing on the Rise!
The bright spot? Manufacturing construction is booming, especially for facilities related to:
Tech: Chip fabrication plants and computer/electronics factories are in high demand.Electric Vehicles: The EV revolution is driving the construction of new plants and factories.
Data Centers: The need for data storage keeps growing, making data center construction a hot sector.
The Worker Challenge: How to Build Your Team
The biggest hurdle for contractors might be finding enough qualified workers to keep up with all these projects. There were a whopping 370,000 unfilled construction jobs at the start of 2024! This means it's crucial to attract and retain top talent.
Get Paid Faster: Your Secret Weapon in Uncertain Times
No matter what the market does, getting paid on time is essential for your business health. That's where CrossCheck comes in! We offer a suite of payment processing solutions specifically designed for the construction industry.
Here's how we can help you get paid faster and easier:
- CrossCheck Mobile Pay: Accept checks on the go, right from your phone or tablet.
- ACH Payment Solutions: Simplify electronic payments for a faster, more secure way to get paid.
Don't wait! Click below to speak to a CrossCheck expert and find the perfect payment processing solution for your business. Let's build a stronger future for your company, together!
