Eshelman Construction: 2022 Review and 2023 Outlook
As we look ahead to 2023, the outlook for Eshelman Construction is strong. We have the biggest backlog and new business pipeline than we've ever had. This performance is a testament to the hard work of our team and the trust our clients place in us.
The commercial construction industry as a whole is also expected to see growth in the coming years. According to Research and Markets, the U.S. commercial construction market is projected to grow at a CAGR of 3.3% from 2021 to 2028. This growth is driven by factors such as urbanization, the increasing demand for office and retail space, and the rise of sustainable construction practices.
According to a 2023 industry report by Associated General Contractors of America, the commercial construction sector is expected to see modest growth in the coming years, driven by the demand for new office and retail space. The report also notes that the industry faces supply chain disruptions and rising material costs.
One of the main drivers of our growth at Eshelman Construction is the fact that we're taking on larger and higher dollar-value contracts. This approach reflects our expertise in the construction industry and our ability to execute complex projects. We're proud to be trusted by some of the most respected companies in the Nashville area.
Despite the headwinds of interest rates going crazy, we remain optimistic about our prospects in Nashville. The city has proven resilient in the face of economic challenges and continues attracting new businesses and residents. This climate bodes well for our business and the construction industry.
At Eshelman Construction, we're committed to delivering high-quality construction services to our clients. We offer a full suite of construction services, including preconstruction, conceptual estimating, construction management, design-build services, project budgeting, scheduling, and more. Our team has the skills and experience needed to take on projects of any size and complexity, and we're constantly looking for ways to improve our processes and deliver better results.
One of the reasons we've been able to grow quickly and take on larger contracts is our focus on innovation. We invest in the latest technology and tools to improve efficiency and quality. Our preconstruction process allows us to identify potential issues early on and adjust before construction begins, saving time and money in the long run.
We also prioritize sustainability in our projects. Our team understands the importance of minimizing our environmental impact and is committed to using sustainable materials and practices whenever possible. Leveraging sustainable practices benefits the planet and helps our clients save money on energy costs in the long term.
In addition to our commitment to quality and innovation, we're dedicated to building strong relationships with our clients. We understand construction projects can be stressful and complex, so we prioritize communication and transparency. We keep our clients informed every step of the way, and we're always available to answer any questions or concerns.
According to an economic report by the Nashville Area Chamber of Commerce, the Nashville region is projected to experience robust population and employment growth in the coming years. This growth is expected to drive demand for various construction projects, including commercial, residential, and infrastructure. With our robust backlog and new business pipeline, we're well-positioned to capitalize on these opportunities.
Moreover, the construction industry is experiencing technological and innovation advancements reshaping how projects are designed, planned, and executed. For instance, using drones for surveying and site inspections, adopting prefabrication and modular construction techniques, and integrating smart building technologies are becoming more prevalent in the industry. At Eshelman Construction, we're committed to staying at the forefront of these advancements to deliver better results for our clients.
However, it's essential to acknowledge that the construction industry also faces challenges. Supply chain disruptions, rising material costs, and labor shortages are key issues impacting project timelines and budgets. At Eshelman Construction, we manage these challenges proactively through strategic partnerships with reliable suppliers, efficient project planning, and strong relationships with our skilled workforce. Our experienced team is adept at navigating such hurdles and finding solutions to deliver projects on time and within budget.
On the horizon, Eshelman Construction's 2023 outlook is bright, and the commercial construction industry is expected to see growth driven by national and local market trends. Nashville, in particular, continues to show strength in the face of economic challenges, and we're optimistic about the opportunities in our vibrant community. We're well-prepared to take on larger and higher dollar value contracts, thanks to our expertise, commitment to innovation, and emphasis on sustainability. As we continue to deliver high-quality construction services to our clients, we're confident in our ability to thrive in the evolving construction landscape.
Partner with Eshelman Construction for your commercial construction needs and experience our unwavering dedication to excellence. Contact us today!