As demand for precast concrete increases, we can expect industry revenue to also increase. Although the industry has been a victim of a widespread recession, there is a clear light at the end of the (precast concrete) tunnel—over time, the market will return to its former glory.
At Del Zotto Products of Florida, we’re passionate about sharing the many benefits of precast concrete. As manufacturers of steel forms, tools and equipment for the concrete industry, we know it’s important to stay on top of market trends. Still, we understand that you may not have much time on your hands—which is why we’ve compiled this information into an easy-to-read article.
As of April 2015, the precast concrete industry was bringing in around $11 billion, with an annual growth of about 6.2 percent. Employment numbers floated around 50,000, which is higher than we’ve seen in the past several years. Population growth is one major factor contributing to recent successes. As we’ve discussed previously, an increase in population leads to an increase in buildings and infrastructure, which means an increase in the overall demand for precast concrete.
The market is way up from another recent report in 2012, although even then, it was obvious that the recession’s effect on the construction industry was waning. Although 2012’s numbers weren’t that exciting, they marked a plateau before an upward climb, as we are seeing now. And from here on out, we can only expect these figures to climb.
In the next five years, it is expected that demand for precast concrete will continue to rise. As soon as 2020, we can expect to see a dramatic recovery in both residential and nonresidential sectors of the industry. Infrastructure such as bridges, highways and utility support systems should also become more prevalent in the next several years.
How do you expect the precast concrete industry to change in the future? Feel free to share your thoughts in the comments below! For more information about forms or equipment for precast concrete, please contact us or reach out via social media. As always, we look forward to hearing from you!