Imagine the wear and tear the job has on you over the course of a year, that’s what a single day of 2020 felt like. Pandemics, political tension, an unstable economy and dramatic shifts in how small businesses can survive were just the some of the things that made last year unique.
Now that we’re battle tested, a new year brings with it a new opportunity to grow and look for ways to improve. Expectations are nothing more than predictions based on the information you currently have but they can sometimes be beneficial as you try to set goals and create a plan.
As Virginia and the construction industry look to move forward from a challenging year, there are some positives that we can look forward to. One thing that’s become very noticeable around the state is a major interest in rebuilding and reinvesting into local projects.
A combination of government and private investors has led to a potential increase in projects focused on creating new and safer bridges, roads, businesses and neighborhoods. The easiest way to get the economy going again and get people back to work is by investing in construction and that seems to be the plan for many in 2021.
Investors are utilizing low interest rates and increased inventory to get back to real estate flipping where they buy properties at a low cost and invest in renovations to flip the property for a profit. Other states are seeing an insane spike in property values and Virginia could see a surge in new residents similar to what North Carolina has seen in the past 10 years.
Another thing that the industry can be optimistic about is that commercial real estate is also moving in a positive direction, an indication that larger projects and demands for labor will be created as businesses are trying to find affordable places to hang their hat, whether they will directly meet with customers or simply need offices and warehouses to handle online demands.
Whenever you see an increase in real estate sales it usually follows with an increase in the demand for construction. Hopefully, that trend continues throughout the year and things get back to normal.
