Industry Projections: Renovations, Real Estate and Construction
COVID-19 has created several challenges for economies across the country. However, 2022 is predicted to be more hopeful as different industries get back on track. The real estate and construction industry is particularly expected to see a significant recovery as other businesses are looking to get back on track.
At McKeen Construction, we’ve been studying the construction and renovation market and the factors currently impacting it. Based on our observations, we have got a couple of possible predictions for the future of this market. Keep reading to see the likely economic outlook for the general contracting industry in 2022 and beyond.
1. Increased demand for renovations
With the real estate market being so crazy, we foresee more renovations with the aim to raise the value and functionality of current properties. This will allow clients to continue residing in the house and area they currently live in, with the advantage of updating their build into a dream design. Renovations also allow for maximized value in case of sale.
We believe that this trend will continue as it remains a more economical and valuable alternative to overpaying for new homes.
At McKeen Construction, with increased demand for renovation services, we will also focus on delivering superior designs and maximizing the effectiveness of construction management principles like scheduling and organized timelines.
2. Prices of homes in Niagara will still increase in a stable but consistent fashion
Next, we predict that housing costs in the Niagara region will go up in a stable but consistent fashion. This may cause people to overpay based on what they are looking for in a new home vs. building it within the home they already own.
Nevertheless, this development will ensure we remain a valuable resource and local partner serving the Niagara region for many years to come. Rather than being overrun with new home developments, we hope to increase large-scale renovations and offer our clients increased functionality and more out of their current space.
If you are looking for a general contractor for an upcoming major renovation in the Niagara Region, reach out to McKeen Construction. We are a family business with deep roots in our community and faith. With over twenty years of construction and project management experience, we know we can transform your space to match and exceed your vision!
We service Fenwick, Fonthill, Niagara-on-the-Lake, Jordan, Beamsville, Stoney Creek, Ridgeway, Grimsby, Burlington, Lincoln, Niagara Falls, St. Catharines, Fort Erie, Welland, and the surrounding areas.