2021 will certainly be a year of mixed reveries. For many, it was a year where personal financial gains hit record highs. The labor shortage created new job opportunities that offered higher pay and better benefits. Millions of Americans took advantage of this and found better work options. Because of this, unemployment is the lowest it’s been in over 50 years and spending is up across the board.
However, it wasn’t all good, especially when it comes to the economy. The cost of goods and services are skyrocketing. Property values are getting too expensive again and those who were not able to find upgrades in their income and benefits are struggling at the increased cost of living. Again, depending on who you are, it was either a good year or a tough year financially. That brings us to the construction industry. What was 2021 like for them
The year was also mixed as far as financial results. Many companies had plenty of work but they were slowed by labor and material shortages. Many business owners found themselves throwing on tool belts for the first time in years and working longer hours because they wanted to make sure the work stayed on schedule. It’s truly a case of it’s better to have the work than to not have it. However, even the most successful contractors will agree that the shortages were a major impact on the industry.
The hope is that with the labor shortage slowing down, this will improve things on the material side as well and while things may not get to the prices we were accustomed to only a couple of years ago, they will become much more reasonable and available. If there are ways to improve your efforts in 2022, including cutting down on wasted expenses, now is a good time to work on that strategy because it can help you to save thousands of dollars.
