Are you a business owner or entrepreneur looking for your next ample opportunity? If so, you may want to consider starting a business in the construction industry. The construction industry is booming thanks to a combination of low-interest rates and increased demand for housing. As a result, the construction industry is projected to grow by 3.6% in the coming years. The sector is also almost worth a trillion dollars, meaning there’s a lot more space for firms wanting to join.
Starting a business in construction can be a great way to tap into this growing industry. But with so many different businesses to choose from, it can be tough to know where to start. That’s why this list has the six best businesses to start in construction, along with some insights into why they’re so successful.
Residential Construction Company
A residential construction company specializes in building houses and other residential buildings. This type of company is often small- to medium-sized, with most employees working in the field constructing homes.
The beauty of starting a residential construction company is that there is always demand for new homes. Moreover, the number of new houses is projected to increase in the coming years since the country lacks a staggering five million homes. This makes starting a residential construction company a low-risk endeavor with plenty of upside potential.
Commercial Construction Company
A commercial construction company specializes in building office buildings, retail space, and other types of commercial real estate. Commercial construction companies are typically large operations with multiple crews working on different projects at any given time.
Starting a commercial construction company is the best way to earn money from building commercial buildings such as offices and retail stores. For example, office space rental rates are projected to increase by 2.5% from 2022 to 2030, while retail space rental rates are expected to rise by 3.0%. This significantly makes starting a commercial construction company an excellent opportunity as the pandemic subsides in the coming years.
Construction Management Firm
A construction management firm provides project management services to clients building houses, office buildings, or other structures. Construction management firms typically have a staff of experienced project managers who oversee every aspect of the construction process, from securing permits to overseeing the budget.
Starting a construction management firm is all about management and problem-solving in the industry. The demand for project managers is expected to grow by 7.0% as both residential and commercial sectors start to build more buildings, making it one of the fastest-growing occupations in the United States. This makes creating a construction management firm an excellent opportunity for entrepreneurs to get involved in project management.
Construction Equipment Rental Business
A construction equipment rental business rents out heavy machinery and equipment to contractors and other companies in the construction industry. Construction equipment rental businesses typically have an inventory of excavators, bulldozers, cranes, and other heavy machinery that they rent out to clients daily or weekly.
The demand for excavators and other equipment, such as bulldozers, is always there. This makes starting a construction equipment rental business an excellent opportunity for entrepreneurs looking to have a steady stream of profits.
Engineers are some of the rarest and most sought-after professionals in the world. They often have years of experience and specialize in a particular field, making them an invaluable asset to any construction project. That’s why so many businesses are looking for engineer recruitment services. These services offer various options for firms, such as headhunting, contract-based staffing, and direct placement.
As long as businesses seek out engineers, there will always be a demand for engineering recruitment services. This makes starting an engineering recruitment service an excellent opportunity for entrepreneurs looking to get involved in the construction industry.
Modular Home Manufacturing
Modular homes are factory-built homes delivered to the construction site and assembled on-site. Modular home manufacturing is a rapidly growing industry as more and more people seek out alternative methods of construction.
More and more people are looking for modular homes because of their many benefits, such as being more affordable, faster to build, and easier to customize. This makes starting a modular home manufacturing business an excellent opportunity for entrepreneurs looking to get involved in the construction industry.
In today’s economy, there are plenty of opportunities for entrepreneurs looking to start their businesses in construction. However, choosing the right one for you can be the difference between success and failure. So whether you’re looking for a low-risk endeavor with plenty of upside potential or a high-growth business with enormous potential, there’s a construction business on this list that’s perfect for you.