After the historically rough economic stagnancy that started in 2008, the construction sector in Southern California is picking up fast. Professionals involved in the industry can’t be happier, says Don Jergler in his article for Insurance Journal.
The result of this great recession was measured with rising unemployment. At the same time, construction companies were going out of business, forced by the crashing of the housing and commercial construction markets.
Orange County was also hit hard. Beautiful homes in the area lost their initial value; office vacancy increased after large mortgage companies with local offices downsized; many people lost their jobs.
Signs of hope began to emerge at the end of 2013 when the construction market nationwide improved. McGraw Hill Construction published its 2014 Dodge Construction Outlook report and predicted that total U.S. construction would rise 9 % to $555.3 billion this year. That was some 5 % higher than the estimated $508 billion for 2013.
In recent weeks, the residential sector in So Cal is seeing some good developments, boosting optimism that the “recovery mode” is full speed ahead.
“We’ve definitely seen an uptick in construction,” Kimberly Ritter-Martinez, an economist for the Los Angeles County Economic Development Corp is reported as saying. “The housing market is definitely doing a lot better.”
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