In the 2018 edition of the University of Georgia Small Business Development Center’s publication, “Small Business and Its Impact on Georgia,” the article below titled, “Spotlight Industries in Georgia: Technology,” was featured.
After the recession, Georgia’s construction industry is still trying to fully recover. With the still affordable mortgage rates and growing demand for housing, the homebuilding, as well as renovation and repair industry, is expected to pick up steam in many parts of the state. Economists state that job growth will fuel Georgians confidence in buying homes.1
The recession led to new home building supplies being restricted by years of underbuilding. However, the backbone of Georgia’s housing market is its older population. By and large, people 65 and older own their own homes and have built up considerable equity within their homes. They also have relatively stable sources of income which helps stabilize the market fluctuations on economic conditions, mortgages rates, and lending standards.1
In 2014, there were 111,499 total small firms (less than 500 employees) in Georgia’s construction industry. Of those firms, 14.4 percent had employees and the majority (85.6%) were non-employer firms.2 Those self-employed construction firms have an important impact in Georgia. Many operate as subcontractors specializing in one specific area, which not only helps a company’s bottom line, but it also strengthens Georgia’s position nationally by having a large pool of specialized industry professionals.
According to ReferenceUSA, Georgia’s top ten largest firm designations within the construction industry are: general contractors, construction companies, plumbing contractors, electric contractors, air conditioning contractors and systems, roofing contractors, painters, home builders, home improvements, and building contractors.3
Within the industry, and considering only those firms with employees, the laborers occupation account for the most employees with a 21.2 percent share of all Georgia construction employees. The next largest occupation group is carpenters (12.8%) followed by electricians at (12.1%).4
With the expectation of new home demand and new commercial development, Georgia’s construction industry is looking forward to a brighter future.
(Sources: 1Humphreys, Jeffrey M, and Beata D Kochut. The 2017 Georgia Economic Outlook. UGA Terry College of Business, Selig Center of Economic Growth, Athens, GA. | 2 “Small Business Profile – Georgia.” U.S. Small Business Administration, Office of Advocacy, 2017. Web. | 3ReferenceUSAGov, InfoGroup, Retrieved 19 Oct. 2017. Major Industry Group: 15 Building Construction-Gen Contractors, 16 Heavy Construction Except Building, 17 Construction-Special Trade Contractors, 15-17; Included States: Georgia | 4“Occupational Employment Statistics.” U.S. Bureau of Labor Statistics, Division of Occupation Employment Statistics, May 2016.)